PLS. ANSWER NO. 30I'm done with no. 29THANK YOU! On January 1, 2020, IBM Company paid P1,200,000 for 40,000 shares of AppleCorporation ordinary shares which represents a 25% investment in the net assets of AppleCorporation. IBM has the ability to exercise significant influence over Apple Corporation. IBMreceived a dividend of P3 per share from Apple Corporation in 2020. The reported net income ofApple Corporation for the year ended December 31, 2020 was P640,000.29.What is the balance of IBM's investment in Apple Corporation on December 31, 2020?1,200,0001,240,0001,360,0001,480,000А.В.C.30.Shangri-la bought the shares of Crossing Inc. as follows:June 10, 2019December 5, 20192,000 shares3,000 sharesP200,000360.000P560.000The following were the transactions for 2020:January 10June 20December 10Received cash dividend at P10 per shareReceived 20% share dividendSold 3,000 shares at P120 per shareHow much is the gain on sale of the shares assuming the FIFO approach is used?A.В.C.60,00080,000100,000D.

Sale of shares on December 10,2020 =Number of shares × Sale price of share =3,000 shares × P120 per…

30. Shangri-la bought the shares of Crossing Inc. as follows: June 10, 2019 December 5, 2019 2,000 shares 3,000 shares P200,000 360.000 P560,000 The following were the transactions for 2020: January 10 June 20 December 10 Received cash dividend at P10 per share Received 20% share dividend Sold 3,000 shares at P120 per share How much is the gain on sale of the shares assuming the FIFO approach is used? A. В. 60,000 80,000 100,000 D.

30. Shangri-la bought the shares of Crossing Inc. as follows: June 10, 2019 December 5, 2019 2,000 shares 3,000 shares P200,000 360.000 P560,000 The following were the transactions for 2020: January 10 June 20 December 10 Received cash dividend at P10 per share Received 20% share dividend Sold 3,000 shares at P120 per share How much is the gain on sale of the shares assuming the FIFO approach is used? A. В. 60,000 80,000 100,000 D.

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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