On January 1, 2018, Any Company paid P18,000,000 for 50,000 ordinary shares of Josh Company which represent a 25% interest in the net assets of Josh. The acquisition cost is equal to the book value of the net assets acquired. Any has the ability to exercise significant influence over Josh. Any received a dividend of P35 per share from Josh in 2018. Josh reported net income of P9,600,000 for the year ended December 31, 2018.
On January 1, 2018, Any Company paid P18,000,000 for 50,000 ordinary shares of Josh Company which represent a 25% interest in the net assets of Josh. The acquisition cost is equal to the book value of the net assets acquired. Any has the ability to exercise significant influence over Josh. Any received a dividend of P35 per share from Josh in 2018. Josh reported net income of P9,600,000 for the year ended December 31, 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. On January 1, 2018, Any Company paid P18,000,000 for 50,000 ordinary shares of Josh Company which represent a 25% interest in the net assets of Josh. The acquisition cost is equal to the book value of the net assets acquired. Any has the ability to exercise significant influence over Josh. Any received a dividend of P35 per share from Josh in 2018. Josh reported net income of P9,600,000 for the year ended December 31, 2018.
In the December 31, 2018
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