During 2020, Korea Company bought the shares of ZZZ Company. June 1: 20,000 shares @ P100 = 2,000,000; Dec. 1: 30,000 shares @ P120 = 3,600,000. Transactions for 2020 are: January 10 = Received 20 @ share dividend; July 20 = Received cash dividend of P10 per share; December 10 = Sold 30,000 shares at P125 per share. What amount should be reported as dividend income for 2021?
During 2020, Korea Company bought the shares of ZZZ Company. June 1: 20,000 shares @ P100 = 2,000,000; Dec. 1: 30,000 shares @ P120 = 3,600,000. Transactions for 2020 are: January 10 = Received 20 @ share dividend; July 20 = Received cash dividend of P10 per share; December 10 = Sold 30,000 shares at P125 per share. What amount should be reported as dividend income for 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2020, Korea Company bought the shares of ZZZ Company. June 1: 20,000 shares @ P100 = 2,000,000; Dec. 1: 30,000 shares @ P120 = 3,600,000. Transactions for 2020 are: January 10 = Received 20 @ share dividend; July 20 = Received cash dividend of P10 per share; December 10 = Sold 30,000 shares at P125 per share. What amount should be reported as dividend income for 2021?
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