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What amount should be recorded as investment income

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Problem - Colombia Company owned 20% of Bogota Company's preference share capital and 50% of the ordinary share capital. Bogota's Company's share capital outstanding comprised the following at year-end:

10% cumulative preference share capital 2,000,000

Ordinary share capital 7,000,000

Bogota Company reported net income of P5,000,000 for the current year.

Required - What amount should be recorded as investment income for the current year?

Reference no: EM132826758

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