Reference no: EM132935766
Problem - On January 1, 2019, BTS Corp. acquired 30% of the voting share capital of another entity for P2,000,000 which was equal to the carrying amount of interest acquired. The investee reported net income of P1,500,000 for 2019 and paid dividend of P500,000 on December 31, 2019. The investee reported net income of P1,000,000 for the six months ended June 30, 2020 and P2,500,000 for the year ended December 31, 2020 but paid dividend of P1,000,000 on October 1, 2020. On July 1, 2020, BTS Corp. sold half of the investment of P2,000,000. The fair value of the retained investment is P2,200,000 on July 1, 2020 and P2,400,000 on December 31, 2020. The retained investment is to be measured at FVPL. What is the carrying amount of the investment before the disposal on June 30, 2020?
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