HULK Corporation declared on December 1, 2021 its 10 brand new fleet of cars costing ₱500,000 each as property dividends to be distributed on February 1, 2022 to its ten shareholders. The following fair value less cost to distribute of the cars was determined to be: December 1, 2021 - ₱4,800,000; December 31, 2021 - ₱4,500,000; February 1, 2022 -₱4,000,000. What is the loss on distribution of property dividend to be recognized on February 1, 2022? ₱ 0 ₱ 500,000 ₱ 800,000 ₱ 200,000
HULK Corporation declared on December 1, 2021 its 10 brand new fleet of cars costing ₱500,000 each as property dividends to be distributed on February 1, 2022 to its ten shareholders. The following fair value less cost to distribute of the cars was determined to be: December 1, 2021 - ₱4,800,000; December 31, 2021 - ₱4,500,000; February 1, 2022 -₱4,000,000. What is the loss on distribution of property dividend to be recognized on February 1, 2022? ₱ 0 ₱ 500,000 ₱ 800,000 ₱ 200,000
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 38P: Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2019. Gross receipts...
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HULK Corporation declared on December 1, 2021 its 10 brand new fleet of cars costing ₱500,000 each as property dividends to be distributed on February 1, 2022 to its ten shareholders. The following fair value less cost to distribute of the cars was determined to be: December 1, 2021 - ₱4,800,000; December 31, 2021 - ₱4,500,000; February 1, 2022 -₱4,000,000. What is the loss on distribution of property dividend to be recognized on February 1, 2022?
₱ 0
₱ 500,000
₱ 800,000
₱ 200,000
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