Popsters Corporation purchased 60% of the shares of SG Corporation on January 01, 2019 for P2,200,000. On that date, SG Corp. reported retained earnings of P1,000,000 and had P2,000,000 of shares outstanding. Popsters' retained earnings was P4,000,000 at acquisition. Popsters accounts for its investment in SG under the cost method. The companies recorded the following results for 2019 & 2020: Popsters SG 2019: Net Income P350,000 P700,000 250,000 Dividends Paid 300,000 2020: 900,000 300,000 Net Income 400,000 Dividends Paid 150,000

Popsters Corporation purchased 60% of the shares of SG Corporation on January 01, 2019 for P2,200,000. On that date, SG Corp. reported retained earnings of P1,000,000 and had P2,000,000 of shares outstanding. Popsters' retained earnings was P4,000,000 at acquisition. Popsters accounts for its investment in SG under the cost method. The companies recorded the following results for 2019 & 2020: Popsters SG 2019: Net Income P350,000 P700,000 250,000 Dividends Paid 300,000 2020: 900,000 300,000 Net Income 400,000 Dividends Paid 150,000

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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