On October 1, 2016, the Red Chili Company declared dividends to its ordinary shareholders distributable in...

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On October 1, 2016, the Red Chili Company declared dividends to its ordinary shareholders distributable in the form of pieces of equipment. These equipment were acquired on October 1, 2010 at a total cost of 450,000 and were depreciated over a ten year estimated useful life with no estimated scrap value using the straight time depreciation. The dividends were distributed on January 31, 2017. The equipment were estimated to have the following market value: October 1, 2016 December 31, 2016 January 31, 2017 2016. P190,000 160,000 175,000 REQUIREMENT: Give the entries relative to the foregoing, including any adjustment on December 31, On October 1, 2016, the Red Chili Company declared dividends to its ordinary shareholders distributable in the form of pieces of equipment. These equipment were acquired on October 1, 2010 at a total cost of 450,000 and were depreciated over a ten year estimated useful life with no estimated scrap value using the straight time depreciation. The dividends were distributed on January 31, 2017. The equipment were estimated to have the following market value: October 1, 2016 December 31, 2016 January 31, 2017 2016. P190,000 160,000 175,000 REQUIREMENT: Give the entries relative to the foregoing, including any adjustment on December 31,

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To record the dividends declared and the subsequent adjustments the following journal entries would ... View the full answer