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FINANCIAL ACCOUNTING AND REPORTING TESTBANK
- Exam (elaborations) • 33 pages • 2021
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- £4.51
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FINANCIAL ACCOUNTING AND REPORTING TEST BANK 
 
PROBLEM 1 – INVESTMENT IN ASSOCIATE 
 
 
On January 1, 2016, an entity acquired a 10% interest in an investee for P3,000,000. The investment was accounted for under the cost method. During 2016, the investee reported net income of P4,000,000 and paid dividend of P1,000,000. 
 
On January 1, 2017, the entity acquired a further 15% interest in the investee for P8,500,000. On such date, the carrying amount of the net assets of the investee was P36,0...
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FINANCIAL ACCOUNTING AND REPORTING TEST BANK
- Exam (elaborations) • 31 pages • 2021
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- £4.51
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FINANCIAL ACCOUNTING AND REPORTING TEST BANK 
 
 
PROBLEM 1 – STATEMENT OF FINANCIAL POSITION 
 
The following trial balance of an entity on December 31, 2017 has been adjusted except for income tax expense. 
 
Cash	6,000,000	 
Accounts receivable	14,000,000	 
Inventory	10,000,000	 
Property, plant and equipment	25,000,000	 
Accounts payable		9,000,000 
Income tax payable		6,000,000 
Preference share capital		3,000,000 
Ordinary share capital		15,000,000 
Share premium		4,000,000 
Retained ear...
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