dividends amounting to P960,000 during 2022. How much did Promenade pay for its investment in Twilight?
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- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossOn January 1, 2020, Alice Company purchased 40,000 shares of Jasper at P100 per share. The investment is measured at fair value through other comprehensive income. Brokerage fees amounted to P120,000. A P5 dividend per share of Jasper had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. No other transactions occurred in 2020 affecting the investment in Jasper's share. What is the initial measurement of the investment?On January 2, 2022, Promenade Company purchased 25% of Twilight Company’s ordinary shares; no goodwill resulted from the purchase. Promenade appropriately carries this investment at equity and the balance in Twilight’s investment account was P3,800,000 at December 31, 2022. Twilight reported net income of P2,400,000 for the year and paid dividends amounting to P960,000 during 2022. How much did Promenade pay for its investment in Twilight? Present solution in good accounting form
- On January 2, 2022, Promenade Company purchased 25% of Twilight Company'S ordinary shares: no goodwill resulted from the purchase. Promenade appropriately carries this investment at equity and the balance in Twilight's investment account was 3,800,000 at December 31, 2022. Twilight reported net income of 2, 400, 000 for the year and paid dividends amounting to 960,000 during 2022. How much did Promenade pay for it's investment?On January 2, 2025, Cullumber Company purchased 20% of the outstanding common stock of Blossom, Inc. and subsequently used the equity method to account for the investment. During 2025, Blossom reported net income of $1380000 and distributed dividends of $600000. The ending balance in the Investment in Cullumber account at December 31, 2025 was $1020000 after applying the equity method during 2025. What purchase price did Cullumber pay for its investment in Blossom, Inc.? O $1176000 O $624000 O $1416000 O $864000On January 1, 2020, Lovely Company paid P1,200,000 for 40,000 ordinary shares of Lonely Corporation which represent 25% investment in the net assets of Lonely. Lovely has the ability to exercise significant influence over Lonely. Lovely received a dividend of P3 per share from Lonely in 2020. The reported profit of Lonely for the year ended December 31, 2020 was P640,000. The balance of Lovely’s investment in Lonely at December 31, 2020 should be a. 1,480,000 b. 1,360,000 c. 1,240,000 d. 1,200,000
- On April 1, 2024, Sunland Company purchased 44,800 common shares in Ecotown Ltd. for $13 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $15 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles く Debit CreditOn April 1, 2019, Tagaytay Company purchased 25,000 ordinary shares of Sulo Co. at P180 per share, a price that approximates book value as of that date. At the time of the purchase, Sulo had 100,000 ordinary shares outstanding. Tagaytay had no ownership interest in Sulo before the purchase. The first quarter statement ending March 31, 2019 of Sulo recorded earnings of P480,000. For the year ended December 31, 2019, Sulo reported profit of P2,400,000. Sulo paid Tagaytay dividends of P60,000 on June 1 and again P60,000 on December 31, 2019. During 2020, Sulo reported profit of P2,000,000 and paid dividends of P2,000,000 to its shareholders. On January 1, 2021, Tagaytay sold 10,000 ordinary shares of Sulo for P200 per share. For the year ended December 31, 2021, the reported profit of Sulo was P2,500,000 and dividends of P60,000 were paid to Tagaytay. The market value of Sulo shares remained unchanged during the year 2021. How much is the gain of Tagaytay Company on the sale of 10,000…On April 1, 2019, Tagaytay Company purchased 25,000 ordinary shares of Sulo Co. at P180 per share, a price that approximates book value as of that date. At the time of the purchase, Sulo had 100,000 ordinary shares outstanding. Tagaytay had no ownership interest in Sulo before the purchase. The first quarter statement ending March 31, 2019 of Sulo recorded earnings of P480,000. For the year ended December 31, 2019, Sulo reported profit of P2,400,000. Sulo paid Tagaytay dividends of P60,000 on June 1 and again P60,000 on December 31, 2019. During 2020, Sulo reported profit of P2,000,000 and paid dividends of P2,000,000 to its shareholders. On January 1, 2021, Tagaytay sold 10,000 ordinary shares of Sulo for P200 per share. For the year ended December 31, 2021, the reported profit of Sulo was P2,500,000 and dividends of P60,000 were paid to Tagaytay. The market value of Sulo shares remained unchanged during the year 2021. How much is the carrying value of Tagaytay Company's investment in…
- Andrew Company purchased 800 ordinary shares of Valley Industries as a trading investment for P148,800. During the year, Valley Industries paid a cash dividend of P32 per share. At year-end, Valley’s shares were selling for P174 per share. In the income statement for the current year-end, what net amount of unrealized gain/loss and dividend revenue should be reported by Andrew Company?On March 31, 2018, Chow Brothers, Inc., bought 10% of KT Manufacturing’s capital stock for $50 million. KT’snet income for the year ended December 31, 2018, was $80 million. The fair value of the shares held by Chow was$35 million at December 31, 2018. KT did not declare or pay a dividend during 2018.Required:1. Prepare all appropriate journal entries related to the investment during 2018.2. Assume that Chow sold the stock on January 20, 2019 for $30 million. Prepare the journal entry Sanbornwould use to record the sale.On April 1, 2024, Sandhill Company purchased 46,400 common shares in Ecotown Ltd. for $13 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $15 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Save for Later Account Titles Debit Credit Attempts: 0 of 1 used Submit Answer