Reference no: EM132966874
Question - Alpha Company acquired 20,000 shares of Beta Company on January 1, 2020 at P120 per share. Beta Company had 80,000 shares outstanding with a carrying amount of P8,000,000.
The difference between the carrying amount and fair value of Beta Company on January 1, 2020 is attributable to a broadcast license which is an intangible asset.
Alpha Company has a 20-year straight line amortization policy for the broadcast license.
Beta Company recorded earnings of P3,600,000 and P3,900,000 for 2020 and 2021, respectively, and paid per share dividend of P16 in 2020 and P20 in 2021.
Required -
1. Compute the investment income for 2020.
2. Compute the investment income for 2021.
3. Determine the carrying amount of the investment in associate on December 31, 2021.
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