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n January 2, 2020, Gamu Company purchased as a long term investment 10,000 ordinary shares of llagan Corporation for P70 per share, hich represents a 1% interest. On July 1, llagan Corporation declared its annual dividend on its ordinary shares of P5 per share payable n August 1 to shareholder's of record at July 25, 2020. On July 20, 2020 Gamu needed additional cash for operations and sold all 10,000 hares llagan for P100 per share. For the year ended December 31, 2020, Gamu should report on its income statement a gain on disposal of

n January 2, 2020, Gamu Company purchased as a long term investment 10,000 ordinary shares of llagan Corporation for P70 per share, hich represents a 1% interest. On July 1, llagan Corporation declared its annual dividend on its ordinary shares of P5 per share payable n August 1 to shareholder's of record at July 25, 2020. On July 20, 2020 Gamu needed additional cash for operations and sold all 10,000 hares llagan for P100 per share. For the year ended December 31, 2020, Gamu should report on its income statement a gain on disposal of

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 14RE
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on January 2, 2020, Gamu Company purchased as a long term investment 10,000 ordinary shares of llagan Corporation for P70 per share, which represents a 1% interest. On July 1, llagan Corporation declared its annual dividend on its ordinary shares of P5 per share payable on August 1 to shareholder's of record at July 25, 2020. On July 20, 2020 Gamu needed additional cash for operations and sold all 10,000 shares llagan for P100 per share. For the year ended December 31, 2020, Gamu should report on its income statement a gain on disposal of Previous JMext Not saved Submit Quiz
Transcribed Image Text:on January 2, 2020, Gamu Company purchased as a long term investment 10,000 ordinary shares of llagan Corporation for P70 per share, which represents a 1% interest. On July 1, llagan Corporation declared its annual dividend on its ordinary shares of P5 per share payable on August 1 to shareholder's of record at July 25, 2020. On July 20, 2020 Gamu needed additional cash for operations and sold all 10,000 shares llagan for P100 per share. For the year ended December 31, 2020, Gamu should report on its income statement a gain on disposal of Previous JMext Not saved Submit Quiz
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