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During 2019, Lawan Company bought the shares of Burwood Company.
June 1
20,000 shares at P100
P2,000,000
December 1
30,000 shares at P120
3,600,000
Transactions for 2020:
January 10 Received 20% share dividend.
July 20 Received cash dividend of P10 per share. December 10 Sold 30,000 shares at P125 per share.
Question 1. What amount should be reported as dividend income for 2020?
a. P600,000
b. P500,000
c. P400,000
d. 300,000
Question 2. What is the gain on the sale of shares under FIFO approach?
a. P1,150,000
b. P950,000
c. P150,000
d. P550,000
Question 3. What is the gain on the sale of shares under average approach?
a. P390,000
c. P500,000
d. P600,000
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