Problem 16-15 (AICPA Adapted) During the current year, Neil Company held 30,000 shares of Brock Company's 100,000 outstanding shares and 6,000 shares of Amal Company's 300,000 outstanding shares. During the year, Neil Company received P300,000 cash dividend from Brock Company, P15,000 cash dividend and 10% share dividend from Amal Company. The closing price of Amal Company share is P150. What amount should be reported as dividend revenue for the current year? a. 342,000 b. 315,000 C. 442,000 d. 15,000 494

Problem 16-15 (AICPA Adapted) During the current year, Neil Company held 30,000 shares of Brock Company's 100,000 outstanding shares and 6,000 shares of Amal Company's 300,000 outstanding shares. During the year, Neil Company received P300,000 cash dividend from Brock Company, P15,000 cash dividend and 10% share dividend from Amal Company. The closing price of Amal Company share is P150. What amount should be reported as dividend revenue for the current year? a. 342,000 b. 315,000 C. 442,000 d. 15,000 494

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8RE

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
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