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What amount should spinners report as investment in sharon

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Question - On January 1, 2022, Spinners Company purchased 10% of Sharon Company's outstanding ordinary shares for P200,000. Spinners is the largest single shareholder in Sharon and Spinners' officers are a majority on Sharon's board of directors. Sharon reported profit of P1,500,000 for 2022 and paid dividends of P900,000. In its December 31, 2022 statement of financial position, what amount should Spinners report as investment in Sharon?

a. 200,000

b. 140,000

c. 260,000

d. 350,000

Reference no: EM132980393

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