,250On Jan, 1, 20x1, Ice Co. acquired 25,000 newly issued shares ofPack Co. for P1,000,000. Pack Co. had 100,000 totaloutstanding shares before the issuance of the new shares. In20x1, Pack reported profit of P2,000,000 and P80,000unrealized gain on the change in the fair value of investmentin equity securities measured at fair value through othercomprehensive income. Ice Co. received cash dividend ofP100,000 from Pack Co. during the year. How much is thecarrying amount of Ice Co.'s investment in associate on Dec.31,20x1?a. 1,495,000b. 1,420,000 c. 1,391,000d. 1,316,0004. On Janu

Name: ,250On Jan, 1, 20x1, Ice Co. acquired 25,000 newly issued shares ofPa
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Description: ,250On Jan, 1, 20x1, Ice Co. acquired 25,000 newly issued shares ofPack Co. for P1,000,000. Pack Co. had 100,000 totaloutstanding shares before the issuance of the new shares. In20x1, Pack reported profit of P2,000,000 and P80,000unrealized gain on

Step 1 Investment in Associate refers to the investment in an entity in which the investor has…

Answered: 1,495,000 c. 1,391,000 d. 1,316,000 a.…

Business

Accounting

1,495,000 c. 1,391,000 d. 1,316,000 a. b. 1,420,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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