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On October 1, 2020, Michael Company purchased 30,000 shares of Jackson Company at P180 per share that reflected book value as of that date. At the time of the purchase, Jackson had 100,000 ordinary shares outstanding. Michael had no ownership interest in Jackson before the purchase. The nine months ending September 30, 2020 of Jackson recorded profit of P2,960,000. For the year ended December 31, 2020, Jackson reported profit of P4,800,000. Jackson paid Michael dividends of P120,000 on December 31, 2020.
Problem 1: What is the investment carrying value at December 31, 2021?
A. 5,970,000
B. 5,832,000
C. 6,162,000
D. 5,400,000
The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Inc., Prepare consolidated income statement for Holtz and Devine
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