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What is the cost per share of the new investment

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Reference no: EM132916316

Question - Meji Company owned 10,000 ordinary shares of Ami Company. The shares were purchased for P100 per share early in 2019. On October 31, 2019, Ami distributed stock rights to Meji. Meji accounted for these rights separately at fair value and was entitled to buy one new share for P80 and two of these rights. On October 31, 2019, each share had a market value ex-right of P140 and each right had a market value of P20. What is the cost per share of the new investment upon exercise of the rights?

Reference no: EM132916316

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