Gangnamn Inc owns 50% of Ps
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gangnamn Inc owns 50% of Psy group's preference shares and 30% of its ordinary shares. Psy’s shares outstanding on December 31, 2018, includes P20,000,000 of 10% cumulative preference shares and P50,000,000 of ordinary shares. Psy reported a net income of P10,000,000 for the year 2018. What amount should Gangnam report as investment income for the year 2018?
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