Reference no: EM132936412
Questions -
Q1) Marion Company provided the following data pertaining to dividends on ordinary share investments for the current year.
On October 1, the entity received P600,000 liquidating dividend from A Company. The entity owned a 10% interest in A Company.
The entity owned a 20% interest in B Company which declared and paid a P4,000,000 cash dividend to shareholders on December 31.
On December 1, the entity received from C Company a dividend in kind of one share of D Company for every 4 C Company shares held. The entity had 100,000 C Company shares which have a market price of P50 per share on December 1. The market price of D Company share was P10.
What amount should be reported as dividend income for the current year?
Q2) On January 1, 2019, Jo Company purchased 10% of Navarra Company's outstanding ordinary shares for P4,000,000. Jo is the largest single shareholder in Navarra and Jo's officers are a majority of Navarra's board of directors. Navarra reported net income of P5,000,000 for 2019 and paid dividends of P1,500,000.
What amount should be reported in its statement of financial position as Investment in Navarra on December 31, 2019?
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