Black Swan provided the following data for 2020: 1. On September 1, Black Swan received a P500,000 cash dividend from Dionysus Company in which Black Swan owns a 30% interest. 2. On October 1, Black Swan received a P60,000 cash dividend from Seesaw Corporation. Black Swan owns a 35% interest in Seesaw. 3. Black Swan owns a 10% interest in BST, which declared a P2.000.000 cash dividend on November 21. 2020 payable on January 23, 2021. What amount should be reported as dividend income for 2020? P700,000 P560,000 P500,000 P200,000
Black Swan provided the following data for 2020: 1. On September 1, Black Swan received a P500,000 cash dividend from Dionysus Company in which Black Swan owns a 30% interest. 2. On October 1, Black Swan received a P60,000 cash dividend from Seesaw Corporation. Black Swan owns a 35% interest in Seesaw. 3. Black Swan owns a 10% interest in BST, which declared a P2.000.000 cash dividend on November 21. 2020 payable on January 23, 2021. What amount should be reported as dividend income for 2020? P700,000 P560,000 P500,000 P200,000
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...
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