Reference no: EM133100965
Questions -
Q1. An entity may make an irrevocable election to present in other comprehensive income changes in fair value of:
a. An investment in an equity instrument that is held for trading.
b. An investment in an equity instrument that is not held for trading.
c. A financial asset measured at amortized cost.
d. A financial asset measured at fair value through profit or loss.
Q2. On January 1, 2018 Cement Company acquired 40% of the ordinary shares of another entity for P6, 000,000. The purchase was made at prices proportionate to the value assigned to the investee's net assets which equaled carrying amounts. For the years ended December 31, 2018 and 2019, the investee reported the following:
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2018
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2019
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Dividend paid
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2,000,000
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6,000,000
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Net income
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5,000,000
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8,000,000
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On October 1, 2019, Cement sold 75% of its ordinary shares for P7,500,000. The fair value of the remaining investment on such date is P3,000,000 and such investment was designated irrevocably at FVOCI. The fair value of the remaining investment is P3, 700,000 on December 31, 2019. The dividends were declared and paid by the investee on November 1, 2018 and December 31, 2019?
What total amount of income is recognized in profit or loss for 2019?
a. 4,600,000
b. 3,300,000
c. 3,900,000
d. 1,500,000
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