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Determine the gain or loss on disposal of shares

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Question - John Company owns 80,000 shares of Carlo Corporation's 100,000 outstanding common shares, acquired at book value. The December 3], 20x4, consolidated balance sheet presented by John and Carlo included net assets of Carlo in the amount of P600,000. On January 1, 20x5, John sells 10,000shares (10%) of its Carlo stock to unrelated parties for P70,000. Determine the gain or loss on disposal of shares to be recognized in the profit or loss statement.

Reference no: EM133075098

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