Data pertaining to dividends from Jenny Company’s ordinary shares investments for the year 2023 follow: * On October 1, 2023, Jenny received P500,000 liquidating dividend from A Company. Jenny owns a 10% interest in A Company. * Jenny owns a 5% interest in B Company which declared a P5,000,000 cash dividend on November 15, 2023 to stockholders of record on December 15, 2023 payable on January 15, 2024. Jenny does not have ability to exercise significant influence over B Company. * On December 1, 2023, Jenny received from C Company a dividend in kind of one share D Company ordinary shares for every 4 C Company ordinary shares held. Jenny holds 100,000 C Company shares, which have a market price of P50 per share on December 1, 2023. The market price of D Company ordinary is P30 per share. What amount should Jenny report as dividend income in its 2023 income statement?
Data pertaining to dividends from Jenny Company’s ordinary shares investments for the year 2023 follow:
* On October 1, 2023, Jenny received P500,000 liquidating dividend from A Company. Jenny owns a 10% interest in A Company.
* Jenny owns a 5% interest in B Company which declared a P5,000,000 cash dividend on November 15, 2023 to stockholders of record on December 15, 2023 payable on January 15, 2024. Jenny does not have ability to exercise significant influence over B Company.
* On December 1, 2023, Jenny received from C Company a dividend in kind of one share D Company ordinary shares for every 4 C Company ordinary shares held. Jenny holds 100,000 C Company shares, which have a market price of P50 per share on December 1, 2023. The market price of D Company ordinary is P30 per share.
What amount should Jenny report as dividend income in its 2023 income statement?
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