Reference no: EM133190033
Question - The following information relates to noncurrent investment that Gitas Pilipinas Company placed in trust as required by the underwriter of its bonds:
Bond sinking fund, January 1, 2020 P5,000,000
Additional investment in 2020 1,000,000
Dividend on investment 510,000
Interest revenue 1,520,000
Administration costs 800,000
Carrying amount of the bonds payable 12,000,000
Required - What amount should Gilas Pilipinas report in its December 31. 2020 statement of financial position related to its sinking fund?
A. 5,230,000
B. 7,230,000
C. 8,030,000
D. 8,970,000
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