The Board of Directors of Jin Corporation declared an annual dividend of P 5 per...
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Accounting
The Board of Directors of Jin Corporation declared an annual dividend of P 5 per share on 50,000 shares of P 10 par value ordinary shares issued and outstanding at their meeting on December 10, 2019. This is payable on March 31, 2020 to shareholders of record on December 31, 2019. The journal entry to record the declaration of cash dividends on December 10, 2019 should include:
A. Dr P 500,000 to Retained Earnings
B. Cr P 500,000 to Dividends Payable
C. Dr P 250,000 to Retained Earnings
D. Cr P 250,000 to Cash
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