In 2020, Angela Company held the following investments in ordinary shares: •     25,000 shares of Ang Company’s 100,000 outstanding shares. Angela's level of ownership gives it the ability to exercise significant influence over the financial and operating policies of Ang. •     60,000 shares of Fil Company’s 350,000 outstanding shares, designated as at fair value through profit or loss. During 2020, Angela received the following distributions from its ordinary share Investments. •     November 6 - P30,000 cash dividend from Ang Company. •     November 11 -P15,000 cash dividend from Fil Company. •     December 26 - 3% ordinary share bonus issue from Ang Company. Market values per share at December 31, 2020 are: Ang - P15; Fil - P8 What amount of dividend revenue should Angela report for 2020?   a. P56,250 b. P45,000 c. P30,000 d. P15,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In 2020, Angela Company held the following investments in ordinary shares:

•     25,000 shares of Ang Company’s 100,000 outstanding shares. Angela's level of ownership gives it the ability to exercise significant influence over the financial and operating policies of Ang.

•     60,000 shares of Fil Company’s 350,000 outstanding shares, designated as at fair value through profit or loss.

During 2020, Angela received the following distributions from its ordinary share Investments.

•     November 6 - P30,000 cash dividend from Ang Company.
•     November 11 -P15,000 cash dividend from Fil Company.
•     December 26 - 3% ordinary share bonus issue from Ang Company.

Market values per share at December 31, 2020 are: Ang - P15; Fil - P8

What amount of dividend revenue should Angela report for 2020?
 
a. P56,250
b. P45,000
c. P30,000
d. P15,000
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