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

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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