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What amount of income from the investment should be reported

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Question - On July 1, 2020, Denver Company purchased 30,000 shares of Eagle Company's 100,000 outstanding ordinary shares for P200 per share representing 30% interest. On December 15, 2020, the investee paid P400,000 in cash dividend to the ordinary shareholders. The investee's net income for the year ended December 31, 2020 was P1, 200,000 earned evenly throughout the year. What amount of income from the investment should be reported in 2020?

Reference no: EM133111895

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