1. On January 1, 2021 Dona Company purchased 10% of another entity's outstanding ordinary sharesfor P6,000,000. The investment classified as nonmarketable equity security and accounted for underthe cost method. The following data pertain to investee's operations for 2021 and 2022:20212022Net income3,000,0004,000,000Dividend paidnone9,000,000What amount should Dona Company report as dividend income in its 2022 income statement?

On 01.01.2021 Dona Company purchased 10% of another entity o/s ordinary shares for 6000000…

Answered: What amount should Dona Company report…

Business

Accounting

What amount should Dona Company report as dividend income in its 2022 income statement?

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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1. On January 1, 2021 Dona Company purchased 10% of another entity's outstanding ordinary shares
for P6,000,000. The investment classified as nonmarketable equity security and accounted for under
the cost method. The following data pertain to investee's operations for 2021 and 2022:
2021
2022
Net income
3,000,000
4,000,000
Dividend paid
none
9,000,000
What amount should Dona Company report as dividend income in its 2022 income statement?

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