Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| February 1, 2020 | Dividends (15000 x P12.00) | 180000 | |
| Dividends payable | 180000 | ||
| (To record the declaration of dividends) | |||
| May 1, 2020 | Dividends payable | 180000 | |
| Treasury stock (15000 x P7.00) | 105000 | ||
| Additional paid-in capital | 75000 | ||
| (To record the distribution of dividends) |
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