24. On January 1, 2023, Hannah Company purchased 10% of Esther Company's outstanding ordinary shares for P7,400,000. Hannah Company is the largest single shareholder in Esther Company and Hannah Company's officers are a majority on Esther Company's board of directors. Esther Company reported net income of P9,250,000 for the current year and paid dividends of P2,775,000. On December 31, 2023, what amount should the investment be reported? a. 7,122,500 b. 7,400,000 8,047,500 d. 8,325,000

24. On January 1, 2023, Hannah Company purchased 10% of Esther Company's outstanding ordinary shares for P7,400,000. Hannah Company is the largest single shareholder in Esther Company and Hannah Company's officers are a majority on Esther Company's board of directors. Esther Company reported net income of P9,250,000 for the current year and paid dividends of P2,775,000. On December 31, 2023, what amount should the investment be reported? a. 7,122,500 b. 7,400,000 8,047,500 d. 8,325,000

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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