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Candel Company owned 10,000 equity shares of XYZ Company with carrying amount of P90 per share.nes On October 31, 2021, Candel Company declared these shares as property dividend to be paid on March 31, 2022. The quoted price for XYZ share is P130 on October 31, 2021, P150 on December 31, 2021 and P110 on March 31, 2022.

Candel Company owned 10,000 equity shares of XYZ Company with carrying amount of P90 per share.nes On October 31, 2021, Candel Company declared these shares as property dividend to be paid on March 31, 2022. The quoted price for XYZ share is P130 on October 31, 2021, P150 on December 31, 2021 and P110 on March 31, 2022.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 21DQ
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Problem 22-2 (ACP) Candel Company owned 10,000 equity shares of XYZ Company with carrying amount of P90 per share. On October 31, 2021, Candel Company declared these shares as property dividend to be paid on March 31, 2022. The quoted price for XYZ share is P130 on October 31, 2021, P150 on December 31, 2021 and P110 on March 31, 2022. Required: Prepare journal entries in connection with the property dividend. 787
Transcribed Image Text:Problem 22-2 (ACP) Candel Company owned 10,000 equity shares of XYZ Company with carrying amount of P90 per share. On October 31, 2021, Candel Company declared these shares as property dividend to be paid on March 31, 2022. The quoted price for XYZ share is P130 on October 31, 2021, P150 on December 31, 2021 and P110 on March 31, 2022. Required: Prepare journal entries in connection with the property dividend. 787
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