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What amount should martin company report as dividend income

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Reference no: EM132803331

Martin Company provided the following data for the current year:

  1. On March 1, Martin received P600,000 cash dividend from Paul Company in which Martin owns 30% interest.
  2. Martin owns 12% interest in James Company, which declared and paid P3,000,000 cash dividend on December 15.
  3. On September 1, Martin received an P80,000 liquidating dividend from Luke Company.

Problem 1: Martin owns a 5% interest in Luke Company. What amount should Martin Company report as dividend income for the current year?

Reference no: EM132803331

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