Reference no: EM132497358
On January 1, 2017, Oval Company purchased 10% of the outstanding ordinary shares of Tin Corporation for P800000, when the fair value of Tin's net assets wasP4,000,000.
Oval does not have the ability to exercise signi?cant in?uence over the operating and financial policies of Tin. The following data concerning Tin are available for 2018:
Dec 31. 2017 Dec 31. 2018
Net Income P1.200,000 P1 ,000,000
Dividends declared and paid 0 P2,500,000
Question 1: In its income statement for the year ended December 31, 2018, how much should Oval report from this investment?
Question 2: What is the carrying value of Oval's investment in Tin as of December 31. 2018?
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