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What amount be reported as dividend income for wood company

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Reference no: EM132893393

Wood Company owns 20,000 shares of Arlo Company's 200,000 shares of P100 par, 6% cumulative, non-participating preference share capital and 10,000 shares representing 2% ownership of Arlo's ordinary share capital.

  • During 2019, Arlo Company declared and paid preference dividends of P2,400,000. No dividends had been declared or paid during 2018.
  • In addition, Wood Company received a 5% share dividend on ordinary share from Arlo Company when the quoted market price of Arlo's ordinary share was P10.

Question 1. What amount should be reported as dividend income for 2019?

a. P120,000

b. P125,000

c. P240,000

d. P245,000

Reference no: EM132893393

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