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Question - At the beginning of current year, Czech Company purchased 10% of Prague Company's outstanding ordinary shares of P4,000,000. Czech Company is the largest single shareholder in Prague Company and Czech Company's officers are majority on Prague Company's board of directors. Prague Company reported net income of P5,000,000 for the current year and paid dividends of P1,500,000. What amount should be reported as investment in associate at year-end?
Prepare a summary journal entry in the general fund general journal to record the issuance of purchase orders during fiscal year
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