On November 1, 2018, Berry Corporation declared equipment as property dividend payable on February 15, 2019. The
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Question:
On November 1, 2018, Berry Corporation declared equipment as property dividend payable on February 15, 2019. The carrying amount of the equipment is P700,000. Data relating to the fair values of the equipment are as follows:
Date Fair value
November 1, 2018 600,000
December 31, 2018 800,000
February 15, 2019 760,000
**(assume that the cost to distribute are immaterial)
How much is the gain on distribution of property dividends on February 15, 2019 when the dividends were finally distributed?
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