Reference no: EM132914925
Question - On June 1, 2020, Iron Company purchased 4,000 shares of another entity costing P100 per share. Transaction costs amounted to 12,000. The investment is measured at fair value through other comprehensive income.
A P5 dividend per share had been declared on December 15, 2020, to be paid on March 31, 2021 to shareholders of record on January 31, 2021.
On December 31, 2020, the investment has a fair value of P105 per share.
On February 1, 2021, Iron sold the investment at P120 per share.
Required -
A. What total amount should be debited or credited to retained earnings as a result of the sale of equity securities in 2021? Indicate if debit or credit
B. What is the initial cost of investment upon acquisition on June 1, 2020?
C. What amount of dividend revenue should be recognized in the 2020 income statement?
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