Reference no: EM132869610
Question 1: What is the treatment of dividend received by passive investments?
A. As an addition to the carrying amount of the investment.
B. As a liquidating dividend.
C. As a revenue presented in the income statement for the period.
D. Totally ignored.
Question 2: Stocks received in lieu of cash dividends are accounted for as:
A. Return on Investment.
B. Return of Investment.
C. Partly of "A" and partly of "B".
D. If the stock dividends are received and subsequently sold at cash received, gain or loss is recognized.
Question 3: On December 1, 2016, FLAIR Inc. received 10,000, P1 par value stocks of SPHINX Corp in lieu of cash dividends. FLAIR Inc. was holding 100,000 shares of SPHINX at the time it received dividends. The market value of SPHINX at that time was selling at P5 per share. What is the dividend income to be recorded by FLAIR in its books?
A. P10,000
B. 40,000
C. P50,000
D. zero.
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