Asked Feb 21, 2012, 09:28 AM
Can you help me with this? I really can't understand it.. :/ I am looking for a journal entry for this:
Pascual Corp. Owned 20,000 ordinary shares of Alegrado Corp. purchased in 2008 for 1,800,000. On Dec. 15 2010, pascual declared a property dividend of all its Alegrado Corp. Shares on the basis of one share of alegrado for every 10 shares of pascual ordinary shares held by its shareholders. The property dividend was distributed on Jan. 15, 2011. On the declaration date, the aggregate market price of the alegrado shares held by pascual was 3,000,000.
Thank you! :)