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What amount of dividend income should be reported for the current year?

What amount of dividend income should be reported for the current year?

FINANCIAL ACCOUNTING
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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Chowking company engaged in 

Chowking Company engaged in the following investment transactions during the current year: February 1 commission of 50,000. These shares are classified as trading securities. Purchased 5,000 ordinary shares of ZZZ Company for P200 per share plus a brokerage June 25 Received P120 per share dividend on ZZZ Company shares. October 1 Purchased 20,000 shares of XXX Company for P150 per share plus brokerage fee of 100,000. These shares are designated at FVOCI. December 31 Received P50 per share dividend on XXX Company shares. 31 Zzz Company shares are selling for P250 and XXX shares are selling for P180. What amount of dividend income should be reported for the current year?
Transcribed Image Text:Chowking Company engaged in the following investment transactions during the current year: February 1 commission of 50,000. These shares are classified as trading securities. Purchased 5,000 ordinary shares of ZZZ Company for P200 per share plus a brokerage June 25 Received P120 per share dividend on ZZZ Company shares. October 1 Purchased 20,000 shares of XXX Company for P150 per share plus brokerage fee of 100,000. These shares are designated at FVOCI. December 31 Received P50 per share dividend on XXX Company shares. 31 Zzz Company shares are selling for P250 and XXX shares are selling for P180. What amount of dividend income should be reported for the current year?
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