What amount shall Tom Company recognize in profit or loss for the year 2021 if it is able to exercise significant influence over On January 1, 2021, Tom Company acquired 100,000 ordinary shares of Nette Company for P6,000,000. purchase, Nette had 500,000 outstanding ordinary shares and shareholders' equity of P20,000,000. At the date of During the year 2021, Nette reported profit of P1,000,000 and declared and paid cash dividends of P1.50 per share. The fair value of Nette's share at December 31, 2021 was P68. Nette Company as a result of the acquisition? P150,000 P200,000 P350,000 P950,000 а. b. с. d.

What amount shall Tom Company recognize in profit or loss for the year 2021 if it is able to exercise significant influence over On January 1, 2021, Tom Company acquired 100,000 ordinary shares of Nette Company for P6,000,000. purchase, Nette had 500,000 outstanding ordinary shares and shareholders' equity of P20,000,000. At the date of During the year 2021, Nette reported profit of P1,000,000 and declared and paid cash dividends of P1.50 per share. The fair value of Nette's share at December 31, 2021 was P68. Nette Company as a result of the acquisition? P150,000 P200,000 P350,000 P950,000 а. b. с. d.

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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