Chapter 15 8-10

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Problem #8 Effects of Transactions Indicate the effects of each of the following transactions on Assets, Liabilities, Share Capital and Retained Earnings. Use + for increase, - for decrease, and 0 for no effect. Share Retained Liabilities Capital Earnings Assets 1. Declaration of cash dividends 2. Payment of cash dividends 3. Declaration of share dividends 4. Issuance of share dividends 5. Cash purchase of treasury stock 111 6. Sale of treasury stock below cost Problem #9 Entries for Cash Dividends The dates of importance in connection with a cash dividend of P35,000 on a corporation's ordinary shares are Jan. 2, Jan. 22, and Feb. 1. Required: Journalize the entries required on each date.Problem #10A Small Share Dividends The E. Delos Santos, Inc. board of directors voted on June 1, 2018, to declare a 10% shares distributable on July 1, to shareholders of record as of June 15. On June 1, E. Delos Santos has 500,000 shares of P10 par ordinary shares authorized, 55,000 shares are issued and 5,000 shares are held as treasury stock. E. Delos Santos stock is selling for P45 per share on June 1. Required: Prepare the entries needed on the declaration, record and payment dates.Problem #10B Large Share Dividends The Pallorina Corporation board of directors voted on Nov. 1, 2018, to declare a 45% share dividend, distributable on Dec. 31, to shareholders of record as of Dec. 1. Pallorina's articles authorize the issuance of 200,000 shares of P40 par ordinary shares. As of Nov. 1, 2018, 50,000 ordinary shares are issued and outstanding. The market price of Pallorina stock on Nov. 1 is P85 per share. Required: Prepare the entries needed on the declaration, record and payment dates