On December 1, 2018, the Board of Directors of Gold Corporation declared a P5 per ordinary share cash dividend to stockholders of record on December 15, 2018, payable on December 31, 2018. Gold Corporation has 20,000 ordinary shares issued. It reacquired 2,000 of these ordinary shares in the market and held them in the treasury.
Required:
A. Determine the number of ordinary shares outstanding.
B. Prepare the journal entries on the date of declaration and on the date of payment.

Answer rating: 100% (QA)

Answer Ordinary shares held 20000 shares Reacquired shares 2000 shares Total outstanding shares hel... View the full answer