At the beginning of current year, Remington Company acquired 200,000 ordinary shares of Universal Company for P 9,000,000.At the time of purchase, Universal Company had outstanding 800,000 shares with a carrying amount of P 36,000,000.The following events took place during the current year:• Universal Company reported net income of P 1,800,000 for the current year.• Remington Company received from Universal Company a dividend of P 3.00 per ordinary share or P 600,000.• The market value of Universal Company share had temporarily declined to P 40.Remington Company has elected irrevocably to measure the investment at fair value through other comprehensive income. What is the carrying amount of the investment at year-end? * a. 9,000,000 b. 8,000,000 c. 9,300,000 d. 9,450,000
At the beginning of current year, Remington Company acquired 200,000 ordinary shares of Universal Company for P 9,000,000.At the time of purchase, Universal Company had outstanding 800,000 shares with a carrying amount of P 36,000,000.The following events took place during the current year:• Universal Company reported net income of P 1,800,000 for the current year.• Remington Company received from Universal Company a dividend of P 3.00 per ordinary share or P 600,000.• The market value of Universal Company share had temporarily declined to P 40.Remington Company has elected irrevocably to measure the investment at fair value through other comprehensive income. What is the carrying amount of the investment at year-end? *
a. 9,000,000
b. 8,000,000
c. 9,300,000
d. 9,450,000
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