Reference no: EM133190099
Question 1 - Knowie Company owns 15% of the outstanding ordinary shares of Bergs Corp. On November 1, 2021, Bergs declared its inventory as property dividends. Data relating to the fair values of the inventory follow:
November 1, 2021- P500,000
December 31, 2021- P900,000
February 15, 2022- P820,000
How much is the dividend income to be recognized in 2021?
Question 2 - On January 1, 2022, Bergs Corp owns 15,000 ordinary shares representing 15% of the shares outstanding of Knowie Corporation. The ordinary shares were acquired on November 12, 2021 at a cost of P750,000 and have a fair value of P800,000 on December 31, 2021. On January 2, 2022, Bergs sold half of its investment for P50 per share incurring a brokerage and commission expense of P10,000.
How much is the gain on sale on January 2, 2022?
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