13. On May 1, 2019, Chavez Corp. declared and issued a 10% ordinary share dividend.Prior to this dividend, Chavez had 100,000 shares of P1 par value ordinary sharesissued and outstanding. The fair market value of Chavez's ordinary shares was P30per share on May 1, 2019. As a result of the share dividend, Chavez's totalshareholders' equitya. increased by P300,000.b. decreased by P300,000.decreased by P10,000.C.d. did not change. 15. The following information was abstracted from the accounts of David Corporation atyear-end:Total income since incorporationTotal cash dividends paidP840,000260,000Proceeds from sale of donated shares90,00060,000Total value of share dividends distributedExcess of proceeds over cost of treasury stock sold140,000What should be the current balance of retained earnings?P520,000b. P580,000P610,000d. P670,000а.С.

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13. On May 1, 2019, Chavez Corp. declared and issued a 10% ordinary share dividend. Prior to this dividend, Chavez had 100,000 shares of P1 par value ordinary shares issued and outstanding. The fair market value of Chavez's ordinary shares was P30 per share on May 1, 2019. As a result of the share dividend, Chavez's total shareholders' equity a. increased by P300,000. b. decreased by P300,000. decreased by P10,000. d. did not change. C.

13. On May 1, 2019, Chavez Corp. declared and issued a 10% ordinary share dividend. Prior to this dividend, Chavez had 100,000 shares of P1 par value ordinary shares issued and outstanding. The fair market value of Chavez's ordinary shares was P30 per share on May 1, 2019. As a result of the share dividend, Chavez's total shareholders' equity a. increased by P300,000. b. decreased by P300,000. decreased by P10,000. d. did not change. C.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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