On January 1, 2021, Lourdes Company purchased 10,000 ordinary shares of LTS Corporation, a large, publicly-traded company listed on a major stock exchange. In December, LTS distributed a 20% bonus issue when the par value was P per share and the market value was P500 per share. How much income should Lourdes Company report in 2021? A P1,000,000 B PO P4,000,000

On January 1, 2021, Lourdes Company purchased 10,000 ordinary shares of LTS Corporation, a large, publicly-traded company listed on a major stock exchange. In December, LTS distributed a 20% bonus issue when the par value was P per share and the market value was P500 per share. How much income should Lourdes Company report in 2021? A P1,000,000 B PO P4,000,000

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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