MEME Corporation's Retained Earnings at December 31, 2021 amounted to P2,000,000 On that date, the corporation declared and distributed its investment property which was acquired at a historical cost P300,000 and has a fair market value of P450,000 on December 31, 2021 On the date of declaration and distribution, by what amount should Retained Earnings be charged?
MEME Corporation's Retained Earnings at December 31, 2021 amounted to P2,000,000 On that date, the corporation declared and distributed its investment property which was acquired at a historical cost P300,000 and has a fair market value of P450,000 on December 31, 2021 On the date of declaration and distribution, by what amount should Retained Earnings be charged?
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 7DQ
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MEME Corporation's Retained Earnings at December 31, 2021 amounted to P2,000,000 On that date, the corporation declared and distributed its investment property which was acquired at a historical cost P300,000 and has a fair market value of P450,000 on December 31, 2021 On the date of declaration and distribution, by what amount should Retained Earnings be charged?
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