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What amount should gas report as dividend income

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Reference no: EM132895698

Company's ordinary share investments for the year ended 2019 is as follows:

  • On October 15, 2019, Gas receive a P200,000 cash dividend from Big Corporation, in which Gas owns a 10% interest. A majority of Gas' directors are also directors of Blg.
  • On November 30, 2019, Gas' received 20,000 shares Large Corporation preference shares as bonus issue on its ordinary share investment. Large's P30 par value preference share was quoted at P80 on that date. Gas' ordinary share Investment in Large represents a 20% interest.
  • Gas owns a 5% interest in Giant Company, which declared a P3,000,000 cash dividend on December 12 to shareholders of record on January 20, 2020, payable on February 10, 2020.

Problem 1: What amount should Gas report as dividend income in its statement of comprehensive income for the year 2019?

a. P200,000

b. P150,000

c. P1,950,000

d. P350,000

Reference no: EM132895698

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