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Problem 16-10 (AICPA Adapted) Maxim Company acquired 40,000 ordinary shares on October 1 for P6,600,000 to be held for trading On November 30, the investee distributed a 10% ordinary share dividend when the market price of the share was P250 On December 31, the entity sold 4,000 shares for P1,000,000 What amount should be reported as gain on sale ofinvestment in the current year? 340,000 b. 400,000 500,000 d. 600,000 a. C. Problem 16-11 (AICPA Adapted) Presumptuous Company revealed the following information pertaining to dividends from nontrading investments in ordinary shares during the year ended December 31, 2019: The entity owned a 10% interest in Beal Company, which declared a cash dividend of P500,000 on November 30, 2019 to shareholders of record on December 31, 2019 and payable on January 15, 2020. On October 15, 2019, the entity received a liquidating dividend of P100,000 from Clay Mining Company. The entity owned a 5% interest in Clay Mining Company What amount of dividend income should be reported for the current year? 500,000 b. a. 600,000 150,000 d. C. 50,000 425