Universal Company, a real estate developer, is owned by five founding shareholders. On December 31, 2020, the entity declared a property dividend of a "one-bedroom flat" for each shareholder. The property dividend is payable on December 31, 2021.

On December 31, 2020, the carrying amount of a one-bedroom flat is P1,000,000 and the fair value is P1,500,000.

However, the fair value is PP1,900,000 on December 31, 2021.

1. What is the dividend payable on December 31, 2020? a. 5,000,000 b. 7,500,000 c. 1,500,000 d. 1,000,000

2. What is the measurement of the property on December 31, 2020? a. 5,000,000 b. 7,500,000 c. 1,000,000 d. 1,500,000

3. What is the dividend payable on December 31, 2021? a. 5,000,000 b. 7,500,000 c. 9,500,000 d. 2,500,000

4. What amount of gain is reported as a result of the settlement of the property dividend on December 31, 2021? a. 2,500,000 b. 4,000,000 c. 2,000,000 d. 4,500,000