Was the gain on the sale of the stock recognized by parr

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Problem

Sub Company had net assets according to its books of P1,000,000 on January 1, 2024. On the same date, Parr Company owned 9,000 of the 12,000 outstanding shares of Sub's only class of stock, and its investment in Sub Company account had a balance of P795,000. Get the instant assignment help. If on January 1, 2024, Sub repurchased 2,000 shares from Parr for P200,000, the gain on the sale of the stock recognized by Parr was?

Reference no: EM133921559

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