Question: Problem 4: On March 7, 2020, GRC Corporation declared some of its machineries as property dividends to be distributed on April 25, 2020. As of

Problem 4: On March 7, 2020, GRC Corporation declared some of its machineries as property dividends to be distributed on April 25, 2020. As of December 31, 2019, the book value of the machineries is P300,000, and is to be depreciated at 1% per month. The fair value of machineries is P295,000 on March 7, 2020, and is P304,000 on April 25, 2020. Required: 1. Provide the journal entry on March 7, 2020. 2. Provide the journal entry on April 25, 2020

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