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2. Tinuno Co. declared 10,000 shares held as investment in associate as property dividends. The investment has carrying amount of P2,000,000, and fair values of P1,600.000 date of declaration, P2,200,000 at the end of the reporting period and P1,900,000 on the date of distribution. Cost to distribute is zero. Requirement: Provide the journal entries on the dates of declaration, record and distribution.

2. Tinuno Co. declared 10,000 shares held as investment in associate as property dividends. The investment has carrying amount of P2,000,000, and fair values of P1,600.000 date of declaration, P2,200,000 at the end of the reporting period and P1,900,000 on the date of distribution. Cost to distribute is zero. Requirement: Provide the journal entries on the dates of declaration, record and distribution.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 24E
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2. Tinuno Co. declared 10,000 shares held as investment in carrying amount of P2,000,000, and fair values of P1,600,000 on associate as property dividends. The investment has a date of declaration, P2,200,000 at the end of the reporting associate as property dividends. The investment hac carrying amount of P2,000,000, and fair values of P1,600,000 on date of declaration, P2,200,000 at the end of the reporting period and P1,900,000 on the date of distribution. Cost to distribute is zero. Requirement: Provide the journal entries on the dates of declaration, record and distribution.
Transcribed Image Text:2. Tinuno Co. declared 10,000 shares held as investment in carrying amount of P2,000,000, and fair values of P1,600,000 on associate as property dividends. The investment has a date of declaration, P2,200,000 at the end of the reporting associate as property dividends. The investment hac carrying amount of P2,000,000, and fair values of P1,600,000 on date of declaration, P2,200,000 at the end of the reporting period and P1,900,000 on the date of distribution. Cost to distribute is zero. Requirement: Provide the journal entries on the dates of declaration, record and distribution.
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