Reference no: EM133081193
Questions -
Q1. Ester Company owns 10,000 ordinary shares of Bennet Company. The shares were purchased for P100 per share early in 2023. On October 31, 2023, Bennet distributed stock rights to Ester. Ester accounts for these rights separately at fair value and was entitled to buy one new share for P80 and two of these rights. On October 31, 2023, each share had a market value ex-right of P140 and each right had a market value of P20. Ester exercises all these rights. What is the cost per share of the new investment?
a. 105
b. 100
c. 140
d. 120
Q2. If Ester sold 12,000 shares at P150 each, what is the gain on sale to be reported?
a. 360,000
b. 600,000
c. 560,000
d. 520,000
Q3. Google Company purchased 10,000 shares representing 2% ownership of Yahoo Company on February 11, 2023 at a price of P2,500,000. Google received a 25% stock dividend on March 31, 2023, when the market value per share was P400. Yahoo paid a cash dividend of P15 per share on September 15, 2023. On December 31, 2023, Google sold 7,000 shares of this investment for P1,500,000. What amount should Google report as gain on sale on this investment in the income statement?
a. 250,000
b. 150,000
c. 180,000
d. 100,000
Q4. What is the total amount of income that shall be recognized in profit or loss?
a. 1,100,000
b. 287,500
c. 250,000
d. 1,500,000
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