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Problem 1: Ace Company purchases 40% of Basket Company on January 1 for P500,000 that carry voting rights at a general meeting of shareholders of Basket Company. Ace Company and Blake Company immediately agreed to share control (wherein unanimous consent is needed to all the parties involved) over Basket Company. Basket reports assets on that date of P1,400,000 with liabilities of P500,000. One building with a seven-year life is undervalued on Basket's books by P140,000. Also Basket's book value for its trademark (10-year life) is undervalued by P210,000. During the year. Basket reports net income of P90,000, while paying dividends of P30,000. What is the Investment in Basket Company balance (equity method) in Ace's financial records as of December 31?
a. P504,000
b. P513,900
c. P507,600
d. P516,000
August 1 Purchased 3,250 of P1,000, 10% bonds of T1 Company at 94 exclusive of any accrued interest. How much is the total gain on sale of bond investments
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