ABC Corp. reports the following balances as of January 1, 2010: Ordinary share capital, P25 par,...
Homework Answers
In the books of ABC Co. :
| Date | Account Titles | Debit | Credit |
| Mar 15, 2010 | Retained Earnings ( 2,000 x 5 ) | 10,000 | |
| Cash Dividends Payable | 10,000 | ||
| April 15, 2010 | Cash Dividends Payable | 10,000 | |
| Cash | 10,000 | ||
| July 15, 2010 | Investment in Pentagon Corp. | 10,000 | |
| Gain on Investments | 10,000 | ||
| July 15 | Retained Earnings | 50,000 | |
| Investment in Pentagon Corp. | 50,000 | ||
| Oct 15, 2010 | Retained Earnings ( 2,000 x 30 % x 25 ) | 15,000 | |
| Common Stock Dividends Distributable | 15,000 | ||
| Dec 1, 2010 | Common Stock Dividend Distributable | 15,000 | |
| Ordinary Share Capital | 15,000 |
As the stock dividends exceed 25 %, it is a large stock dividend, and as such, the retained earnings are debited by the par value of the shares.
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ABC Corp. reports the following balances as of January 1,
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