Answer with solution and explanation

On November 1, 2018, an entity declared a property dividend of equipment payable on March 1, 2019. Th equipment is P3,000,000 and the fair value of P2,500,000 on November, 2018 e carrying amount of the However, the fair value less cost to distribute the equipment is P2,200,000 on December 31, 2018 and P2,000,000 on March 1, 2018 12. To recognize the decrease in dividend payable at the end of reporting period on December 31, 2014 A. No Entry B. Debit Retained Earnings 300,000 C. Credit Retained Earnings for 300,000 D. Credit Dividend Payable 300,000 13. To measure the equipment on December 31, 2018 at the lower of carrying amount and fair value less cost to distribute: A. No Entry B. DebitLoss C. Debit Equipment 800,000 D. on distribution of pro perty dividend 800,000 Debit Impairment Loss 800,000 14. To record decrease in Dividend Payable on the date of settlement on March 1, 2019 A. No Entry B. Debit Retained Earnings 200,000 C. Debit Loss on distribution of property dividend 200,000 D. Debit Dividend Payable 200,000 15. To record settlement of Dividend Payable on March 1, 2019 A. No Entry B. Debit Retained Earnings 200,000 C. Debit Loss on distribution of property dividend 200,000 D. Debit Dividend Payable 200,000