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PROBLEM - On January 31, 2021, LAZNATO Corporation acquired 35,000 shares of the 125,000 ordinary shares outstanding of SAWAKAS Inc. at P25 per share. The book value of SAWAKAS Inc.'s net assets on this date amounted to P3,000,000. All identifiable assets had fair values equal their book values. SAWAKAS Inc. reported total comprehensive income in 2021 at P550,000 which is net of a foreign translation loss amounting to P500,000. It also distributed total dividends at year-end amounting to P500,000. Fair value of shares on December 31, 2021 was at P34 per share.

Required -

1. How much is the total net amount included in the total comprehensive income for the year 2021?

2. How much is the carrying value of investment on December 31, 2021?

Reference no: EM132965332

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