Reference no: EM132980962
Question - Charot Company holds 90,000 shares of Chamba Company for a total cost of P8,820,000 as of December 31, 2019. It received dividends from its ordinary share investments during the year 2020 as follows:
March 1: A property dividend from Chamba Company for 20,000 shares of Cheater Company. On that date, the market value of Chamba's share is P140 while Cheater's share is P112.
May 1: A cash dividend of P2,380,000 in lieu of 20% share dividend from Chamba Company. On that date, the market value of Chamba's share is P126.
July 1: 10,000 shares of Cheater Company in lieu of cash dividend of P56 per share. On that date, the market price of Cheater's share is P84.
Sept. 1: 10% share dividend from Chamba Company.
On October 1, Charot Company sold 33,0000 shares of Chamba Company for a total consideration of P3,920,000.
Required -
1. What total amount of dividend revenue should Charot report in its 2020 income statement?
a. P3,080,000 c. P2,640,000
b. P3,420,000 d. P3,120,000
2. What total amount of gain (loss) on sale to be recognized for 2020 in relation with the above transactions?
a. P1,650,000 c. P2,380,000
b. P2,520,000 d. P1,220,000
3. What is the total carrying amount of Charot Company's equity investments on December 31, 2020?
a. P7,980,0000 c. P7,320,000
b. P8,320,000 d. P8,660,000
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