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Prepare journal entries assuming financial asset is measured

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Reference no: EM132788335

Karen Company has the following transactions relating to its Investment during the year:

January 5 -

  • Acquired 16,000 shares of Klaire Company for Php 1,500,000 paying additional Php 15,000 for brokerage and another Php 5,000 for commission.
  • Received dividends from Klaire Company declared January 10 to stockholders on record of January 31, 2018 at Php 16,000

Required:

Problem 1: Prepare the journal entries assuming:

Financial asset is measured through profit or loss
Financial asset is measured through other comprehensive income

 

Reference no: EM132788335

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