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Problem 4: C. Santos owns shares (classified as available for sale) of Santos Brothers, Inc....

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Problem 4: C. Santos owns shares (classified as available for sale) of Santos Brothers, Inc. as follows: Year No. of shares Total cost 2018 1,000 250,000 2019 1,500 450,000 In 2020, a 20% share dividend was received. C. Santos sold all is share dividends at P250 per share, and credited the proceeds to Investment Income account. Using FIFO method, the adjusting entry on the books of J. Santos should be (assuming books are still open)

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