Transcribed Image Text: On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of record on January 18, 2000, and

Transcribed Image Text: On January 2, 2000, the board of directors of Gimli Mining Corporation declared a cash dividend of P1,200,000 to stockholders of
record on January 18, 2000, and payable on February 10, 2000. The dividend is permissible by law in Gimli’s state of incorporation.
Selected data from Gimli’s December 31, 1999, balance sheet follow:
Accumulated depletion P 200,000
Capital stock 1,100,000
Additional paid-in capital 800,000
Retained earnings 500,000
The P1,200,000 dividend includes a liquidating dividend of
Select the correct response:
600,000
800,000
700,000
O 200,000

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