Problem #2 (Adapted) On December 1, 2018, the Board of Directors of Gold Corporation declared a P5 per ordinary share ca

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Problem #2 (Adapted)
On December 1, 2018, the Board of Directors of Gold Corporation
declared a P5 per ordinary share cash dividend to stockholders of
record on December 15, 2018 payable on December 31, 2018. Gold
Corporation has 20,000 ordinary shares issued. It reacquired 2,000
of these ordinary shares in the market and held them in the
treasury.
Required:
A. Determine the number of ordinary shares outstanding.
B. Prepare the journal entries on the date of declaration and on
the date of payment.