On October 15, 2020, the Skyline Company received a liquidating dividend of P100,000 from David Company. The entity owned 25,000 shares, representing 5% ownership interest in this mining company, at a cost of P2,500,000. What amount of dividend income should be reported for the year ended December 31, 2020?

On October 15, 2020, the Skyline Company received a liquidating dividend of P100,000 from David Company. The entity owned 25,000 shares, representing 5% ownership interest in this mining company, at a cost of P2,500,000. What amount of dividend income should be reported for the year ended December 31, 2020?

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

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 4MC

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