Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 2, 2020, gamu company purchased as a lo

On January 2, 2020, Gamu Company purchased as a long term investment 10,000 ordinary shares...

60.1K

Verified Solution

Question

Accounting

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 ?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Find ∫C((x^2+5y)i⃗ +y^3j⃗ )⋅dr⃗ where C consists of the three line segments from (3,0,0) to (3,2,0)...

Psychology
1.2K views

Is reverse discrimination a \"real thing?\"

Mechanical Engineering
1.2K views

Consider an airplane patterned after the Beechcraft Bonanza V-tailed, single-engine light private airplane. The characteristics of the...

Biology
1.2K views

Endosymbiosis suggests that a heterotrophic cell that engulfed a chloroplast would have become a n...

Physics
1.2K views

completely filled with 32 A glass vessel of volume 32 liquid and its temperature is...

Geometry
1.2K views

Find the coordinates of point B on AC such that the ratio of AB to...

Basic Math
1.2K views

10 1 point What are the domain and range for the function x 4 2...

Basic Math
1.2K views

Katie and Sarah are working on taking the derivative of f(x) = -2x3x + 4Katie...

Calculus
1.2K views

a Compute the probability of receiving six calls in a 5 minute interval of time...

Accounting
1.2K views

3.2 REQUIRED Study the information given below and answer the following questions independently: 3.2.1 If...

Accounting
1.2K views

Intrucciones: Favor preparar un INCOME STATEMENT, con la siguiente informacion. Service Revenue $10,600 Salaries expenses...

Accounting
1.2K views

Please answer as soon as possible, thanks