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On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,0 Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board o directors. Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000. How much is the Investment in associate on December 31, 2021?

On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,0 Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board o directors. Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000. How much is the Investment in associate on December 31, 2021?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 25E
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On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,000,000. Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board of directors. Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000. How much is the Investment in associate on December 31, 2021?
Transcribed Image Text:On January 1, 2021, Belgium Company purchased 20% of Russia Company's outstanding ordinary shares for P4,000,000. Belgium Company is the largest single shareholder in Russia Company and Russia Company's officers are a majority on Belgium Company's board of directors. Russia, for the year, reported a net income of P8,000,000 and paid dividends of P3,000,000. How much is the Investment in associate on December 31, 2021?
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