Reference no: EM132934843
Questions -
Q1) White Inc. purchased 10,000 shares of Black Co. ordinary shares at P90 share on January 3, 2020. On December 31, 2020, White Inc. received 2,000 shares of Black Co. ordinary shares in lieu of cash dividend of P10 per share. On this date, Black Co. ordinary share has a quoted market price of P60 per share.
In its 2020 statement of comprehensive income, White Inc. should report dividend income at
a. P10,000
b. P0
c. P100,000
d. P120,000
Q2) C Company has developed a database of names and addresses of professional people who reach their 25th birthdays between the years 2015 to 2021 and intends to exploit this by selling the information to suppliers of life enhancement products and solutions for junior executives. After identifying that there is already technological feasibility, the company has incurred a total P500,000 to develop the database.
The company has also incurred a total of P800,000 of promoting the databases to vendors of such solutions, such as adventure holiday companies. The company has also incurred P500,000 losses as there are substantial administrative costs and no income as yet. C company intends to capitalize all the cost incurred in relation to the database promotion and administrative costs.
What amount of intangible asset should C Company recognize?
a. P1,300,000
b. P1,000,000
c. P1,800,000
d. P0
e. P500,000
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