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What amount should be reported as investment in preference

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Problem 1: On January 1, 2013, Gracelyn Company acquired 50,000 ordinary shares of another entity for a total consideration of P5,000,000. On October 1, 2013, the entity received from the investee a preference stock dividend of one share for every 5 ordinary shares held. On this date, the market price of the investee's ordinary share was P140 and the market price of the investee's preference share was P100. What amount should be reported as investment in preference shares?

Reference no: EM132739875

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