On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,0 Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board o directors. Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000. How much is the Investment in associate on December 31, 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,000,000.
Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board of
directors.
Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000.
How much is the Investment in associate on December 31, 2021?
Transcribed Image Text:On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,000,000. Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board of directors. Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000. How much is the Investment in associate on December 31, 2021?
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