Question 5 On January 1, 20x1, PATRIMONY Co. entered into a joint arrangement classified as a joint venture. For an investment of P2,000,000, PATRIMONY Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year. HERITAGE Joint Venture, Inc. reported profit of P4,000,000 and other comprehensive income of P800,000, i.e., a total comprehensive income of P4,800,000. HERITAGE Joint Venture, Inc. declared dividends of P2,400,00 How much is the carrying amount of the investment in joint venture on December 31, 20x1? O 4,160,000 O 2,720,000 O 2,000,000 2,480,000 1.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

I need help with this. Please someone help 

Question 5
1 p
On January 1, 20x1, PATRIMONY Co. entered into a joint arrangement
classified as a joint venture. For an investment of P2,000,000, PATRIMONY
Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year,
HERITAGE Joint Venture, Inc. reported profit of P4,000,000 and other
comprehensive income of P800,000, i.e., a total comprehensive income of
P4,800,000. HERITAGE Joint Venture, Inc. declared dividends of P2,400,000
How much is the carrying amount of the investment in joint venture on
December 31, 20x1?
O 4,160,000
O 2,720,000
O 2,000,000
O 2,480,000
Next
hp
Transcribed Image Text:Question 5 1 p On January 1, 20x1, PATRIMONY Co. entered into a joint arrangement classified as a joint venture. For an investment of P2,000,000, PATRIMONY Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year, HERITAGE Joint Venture, Inc. reported profit of P4,000,000 and other comprehensive income of P800,000, i.e., a total comprehensive income of P4,800,000. HERITAGE Joint Venture, Inc. declared dividends of P2,400,000 How much is the carrying amount of the investment in joint venture on December 31, 20x1? O 4,160,000 O 2,720,000 O 2,000,000 O 2,480,000 Next hp
Question 5
1 p
On January 1, 20x1, PATRIMONY Co. entered into a joint arrangement
classified as a joint venture. For an investment of P2,000,000, PATRIMONY
Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year,
HERITAGE Joint Venture, Inc. reported profit of P4,000,000 and other
comprehensive income of P800,000, i.e., a total comprehensive income of
P4,800,000. HERITAGE Joint Venture, Inc. declared dividends of P2,400,000
How much is the carrying amount of the investment in joint venture on
December 31, 20x1?
O 4,160,000
O 2,720,000
O 2,000,000
O 2,480,000
Next
hp
Transcribed Image Text:Question 5 1 p On January 1, 20x1, PATRIMONY Co. entered into a joint arrangement classified as a joint venture. For an investment of P2,000,000, PATRIMONY Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year, HERITAGE Joint Venture, Inc. reported profit of P4,000,000 and other comprehensive income of P800,000, i.e., a total comprehensive income of P4,800,000. HERITAGE Joint Venture, Inc. declared dividends of P2,400,000 How much is the carrying amount of the investment in joint venture on December 31, 20x1? O 4,160,000 O 2,720,000 O 2,000,000 O 2,480,000 Next hp
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Banking and Financial Services
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education