Question: Hello please answer the question with complete solution, thank u very much. 6. On January 1, 2021, Hawthorne Company had 220,000, P5.00 par value shares

Hello please answer the question with complete solution, thank u very much.

6. On January 1, 2021, Hawthorne Company had 220,000, P5.00 par value shares outstanding. On June 1, the entity acquired 20,000 shares to be held in treasury. On December 1, when the market price of the share was P20, the entity declared a 10% share dividend to be issued to shareholders of record on December 16, 2013. What was the impact of the share dividend on retained earnings?

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