stock dividend when the market price of the share was P250 On December 31, 1,2020 for P6,600,000. On Decermber30,2020, Nolan distributed a 10% taifiary 6. Avon Company acquired 40.000 ordinary shares of Nolon Company Ociober ,2020 for P6,600,000. On Decernber30.2020. Nolan distributed o(107%rana SlOck dividend when the market price of the share wOS P250 On DecemberS" 2020, Avon sokd 4,000 shares of its Nolan Corfipany forPi00,000. For fhe yeur ended December 31.2020. how muct should Avon.report as gain on sale oi investment? 0. 340.000 400,000 40,000 C. 500.000 d. 600,000

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...
icon
Related questions
Question
6. Avon Company acquired 40.000 ordinary shares of Nolon Company OCiober
Financial Accounting !
Chapter 9
Page 24
2020 for P6,600,000. On Decernber30.2020. Nolan distributed o10%ana
stock dividend when the market price of the share w as P250 On Decenbare
2020, Avon sokd 4,000 shares of its Nolan Oonfipany forPi C00,000. For ffie year
Ehded December 31.2020. how muct should Avon.report as gain on sale of
investment?
0. 340.000
400,000
40,000
C. 500.000
d. 600,000
Transcribed Image Text:6. Avon Company acquired 40.000 ordinary shares of Nolon Company OCiober Financial Accounting ! Chapter 9 Page 24 2020 for P6,600,000. On Decernber30.2020. Nolan distributed o10%ana stock dividend when the market price of the share w as P250 On Decenbare 2020, Avon sokd 4,000 shares of its Nolan Oonfipany forPi C00,000. For ffie year Ehded December 31.2020. how muct should Avon.report as gain on sale of investment? 0. 340.000 400,000 40,000 C. 500.000 d. 600,000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage