MANGO Company acquired 4,000 shares of KIWI Corporation ordinary shares on April 2, 2020 at a cost of ₱440,000 to be held for trading. On October 7, 2020, KIWI distributed a 10% ordinary share dividend when the market price of the shares was ₱125 per share. On December 15, 2020, MANGO sold 400 shares of its KIWI shares for ₱64,000. For the year ended, December 31, 2020, how much should MANGO report as gain or loss on sale of investment? (If loss, put a negative sign before the numerical answer)
MANGO Company acquired 4,000 shares of KIWI Corporation ordinary shares on April 2, 2020 at a cost of ₱440,000 to be held for trading. On October 7, 2020, KIWI distributed a 10% ordinary share dividend when the market price of the shares was ₱125 per share. On December 15, 2020, MANGO sold 400 shares of its KIWI shares for ₱64,000. For the year ended, December 31, 2020, how much should MANGO report as gain or loss on sale of investment? (If loss, put a negative sign before the numerical answer)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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MANGO Company acquired 4,000 shares of KIWI Corporation ordinary shares on April 2, 2020 at a cost of ₱440,000 to be held for trading. On October 7, 2020, KIWI distributed a 10% ordinary share dividend when the market price of the shares was ₱125 per share. On December 15, 2020, MANGO sold 400 shares of its KIWI shares for ₱64,000. For the year ended, December 31, 2020, how much should MANGO report as gain or loss on sale of investment? (If loss, put a negative sign before the numerical answer)
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