Question
Maxim Company acquired 40,000 ordinary shares on October 1, 2014 for P6,600,000 to be held for trading. On November 30, 2014, the investee distributed a
Maxim Company acquired 40,000 ordinary shares on October 1, 2014 for P6,600,000 to be held for trading. On November 30, 2014, the investee distributed a 10% ordinary stock dividend when the market price of the share was P250. On December 31, 2014, the entity sold 4,000 shares for P1,000,000. For the year ended December 31, 2014, what amount should be reported as gain on sale of investment?
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Payroll Accounting 2017
Authors: Jeanette Landin, Paulette Schirmer
3rd edition
1259572188, 1259572180, 1259742512, 9781259742514, 978-1259572180
