PROBLEM 28 (AICPA Adapted)Miraflores owned 10,000 shares in Maquiling Company acquired several years ago at P100 per shareto be held as a long-term investment. Beginning in 2015, Miraflores received a dividend of P40 pershare. Maquiling Company notifies the investor that a portion of this amount represented earningsand the balance as liquidating dividends. The allocation to be made as follows:Earned DividendLiquidating Dividend2015P402016P10Р302017P15P252018P20P202019P25P15Requirements:1. Prepare journal entries on the books of the investor from 2015 to 2019.NDAN

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Requirements: 1. Prepare journal entries on the books of the investor from 2015 to 2019.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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PROBLEM 28 (AICPA Adapted)
Miraflores owned 10,000 shares in Maquiling Company acquired several years ago at P100 per share
to be held as a long-term investment. Beginning in 2015, Miraflores received a dividend of P40 per
share. Maquiling Company notifies the investor that a portion of this amount represented earnings
and the balance as liquidating dividends. The allocation to be made as follows:
Earned Dividend
Liquidating Dividend
2015
P40
2016
P10
Р30
2017
P15
P25
2018
P20
P20
2019
P25
P15
Requirements:
1. Prepare journal entries on the books of the investor from 2015 to 2019.
NDAN

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