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Joyful Company received the following dividends from share investments during the current year: A cash dividend of P120,000 from Merry Company which Joyful Company owns a 10% interest. Joyful has representation with the board of directors in Merry Company. A cash dividend of P500,000 from Bliss Company in which Joyful Company owns a 30% interest A stock dividend of 4,000 shares from Glee Company of which Joyful has 15% equity interest was received at year-end when the market value was P12 per share What amount of dividend revenue should be reported for the current year? a. 0 b. 12,000 C. 48,000 d. 60,000

Joyful Company received the following dividends from share investments during the current year: A cash dividend of P120,000 from Merry Company which Joyful Company owns a 10% interest. Joyful has representation with the board of directors in Merry Company. A cash dividend of P500,000 from Bliss Company in which Joyful Company owns a 30% interest A stock dividend of 4,000 shares from Glee Company of which Joyful has 15% equity interest was received at year-end when the market value was P12 per share What amount of dividend revenue should be reported for the current year? a. 0 b. 12,000 C. 48,000 d. 60,000

FINANCIAL ACCOUNTING
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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7. Joyful Company received the following dividends from share investments during the current year: A cash dividend of P120,000 from Merry Company which Joyful Company owns a 10% interest. Joyful has representation with the board of directors in Merry Company. A cash dividend of P500,000 from Bliss Company in which Joyful Company owns a 30% interest A stock dividend of 4,000 shares from Glee Company of which Joyful has 15% equity interest was received at year-end when the market value was P12 per share What amount of dividend revenue should be reported for the current year? a. 0 b. 12,000 C. 48,000 d. 60,000
Transcribed Image Text:7. Joyful Company received the following dividends from share investments during the current year: A cash dividend of P120,000 from Merry Company which Joyful Company owns a 10% interest. Joyful has representation with the board of directors in Merry Company. A cash dividend of P500,000 from Bliss Company in which Joyful Company owns a 30% interest A stock dividend of 4,000 shares from Glee Company of which Joyful has 15% equity interest was received at year-end when the market value was P12 per share What amount of dividend revenue should be reported for the current year? a. 0 b. 12,000 C. 48,000 d. 60,000
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