On January 1, 2022, Old Corp. paid P500,000 for 20,000 shares of Hannah Corp.'s ordinary shares and classified these as HFT securities. Old Co. does not have the ability to exercise significant influence over Hannah Corp. Hannah Corp, declared and paid dividend of PO.50 a share to its stockholders during 2022. Hannah reported a Net Income of P260,000 for the year ended 12.31.2022. The fair value of Hannah share on 12.31.2022 is P27/share. What is the net asset amount (includes investment and related market adjustments) attributable to the investment in Hannah Corp. that will be included on Old Corp.'s statement of financial position as at 12.31.2022? Select the correct response: P 579,000 P 569,000 P 540,000 P 530,000

On January 1, 2022, Old Corp. paid P500,000 for 20,000 shares of Hannah Corp.'s ordinary shares and classified these as HFT securities. Old Co. does not have the ability to exercise significant influence over Hannah Corp. Hannah Corp, declared and paid dividend of PO.50 a share to its stockholders during 2022. Hannah reported a Net Income of P260,000 for the year ended 12.31.2022. The fair value of Hannah share on 12.31.2022 is P27/share. What is the net asset amount (includes investment and related market adjustments) attributable to the investment in Hannah Corp. that will be included on Old Corp.'s statement of financial position as at 12.31.2022? Select the correct response: P 579,000 P 569,000 P 540,000 P 530,000

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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