Partnership and corporation

54. Pangan Co. acquired 4,000 shares of Agustin, Inc ordinary shares on Oct 20, 2009 for P660,000. On November 30, 2011, Agustin distributed a 10% ordinary share dividend when the market price of the stock was P250 per share. On Dec. 20, 2011, Pangan sold 400 shares of its Agustin stock for P106,000. For the year ended Dec. 31, 2011, how much should Pangan report as dividend revenues? A. P-O- B. P106,000 C. P100,000 D. P46,000