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What amount should be recorded as investment income

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Reference no: EM132794184

problem 1: Hannah company owned 20% of Love Company's preference share capital and 50% of the ordinary share capital. Love Company's share capital outstanding comprised the following at year-end. 10% cumulative preference share capital at 2,000,000 and Ordinary share capital at 7,000,000. Love company reported net income of P5,000,000 for the current year. What amount should be recorded as investment income for the current year?

Option 1: 2,400,000
Option 2: 2,500,000
Option 3: 2,600,000
Option 4: 2,700,000

Reference no: EM132794184

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