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

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Accounting

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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, Ilagan 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

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