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What is the carrying amount of the investment

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Question - On January 1, 2018, WAG KANG UMASA (WKU) Company acquired 150,000 ordinary shares of Universal Company for P9,000,000 At the time of purchase. Universal Company had outstanding 800,000 shares with a carrying amount of P36,000,000. On December 31, 2018, the following events took place:

Universal Company reported a net income of P1,000,000 for the calendar year 2018.

WKU Company received from Universal Company a dividend of P0.75 per ordinary share. The market value of Universal Company share had temporarily declined to P40.

WKU Company has elected to measure the investment at fair value through other comprehensive income. What is the carrying amount of the investment on December 31, 2018?

Reference no: EM132977153

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