Reference no: EM133173024
Question - On January 1, 2021, XYZ Co. purchased 15,000 shares of the 50,000 total outstanding shares of ABC Co. for P250,000. ABC Co.'s assets and liabilities approximate their fair values.
On March 21, 2021 ABC Co. declared cash dividends amounting to P500,000.
Profit for the year 2021 amounted to P2,500,000.
On December 31, 2021, ABC Co. declared losses of P5,000,000. Additionally, ABC Co. recognized property revaluation of P300,000.
Required - Prepare Journal Entries.
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: Prepare Journal Entries - On December 31, 2021, ABC Co. declared losses of P5,000,000. Additionally, ABC Co. recognized property revaluation of P300,000
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