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What amount should baggao report

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Q1. Investor company acquired a 40% interest in an associate for P3,000,000. The investor is part of a consolidated group. In the financial period immediately following the date on which it became an associate, the investee took the following action:

revalued assets up to fair value by P500,000

generated profits of P1,600,000

declared a dividend of P300,000

The balance in the investor's account of 'Shares in associate', after equity accounting has been applied, is: a. P3,000,000 c. P3,720,000 b. P3,960,000 d. P3,840,000

Q2. Baggao Company purchased 15% of Badoc Company's 500,000 outstanding ordinary shares on January 2, 2009, for P15,000,000. On December 31, 2009, Baggao purchased additional 125,000 shares of Badoc for P35,000,000. There was no goodwill as a result during 2009. Badoc reported earnings of P20,000,000 for 2009. What amount should Baggao report in its December 31, 2009 balance sheet as investment in Badoc Company?

a. P50,000,000 c. P58,000,000 b. P55,000,000 d. P53,000,000

Reference no: EM132931819

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