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What amount should be reported as dividend income

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Problem 1: Hipolito Company owns 20,000 shares of Homer Company's 200,000 shares of P100 par, 6% cumulative, non-participating preference share capital and 10,000 shares representing 2% ownership of Homer's ordinary share capital. During 2018, Homer Company declared and paid preference dividends of P2,400,000. No dividends had been declared or paid during 2017. In addition, Hipolito Company received a 5% share dividend on ordinary share from Homer Company when the quoted market price of Homer's ordinary share was P10. What amount should be reported as dividend income for 2018?

Reference no: EM132767062

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