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On October 1,2024, Cement sold 75% of its ordinary shares for P7,500,000. The fair value...

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Accounting

On October 1,2024, Cement sold 75% of its ordinary shares for P7,500,000. The fair value of the remaining
investment on such date is P3,000,000 and such investment was designated irrevocably at FVOCI. The fair
value of the remaining investment is P3,700,000 on December 31,2024. The dividends were declared and paid
by the investee on November 1,2023 and December 31,2024.
What is the carrying amount of the investment on October 1,2024 before disposal?
a.9,600,000
b.10,400,000
c.7,200,000
d.8,000,000
What is the gain or loss on disposal on October 1,2024?
a.1,500,000 gain
b.2,100,000 gain
c.500,000 loss
d.300,000 gain
What total amount of income is recognized in profit or loss for 2024?
a.4,600,000
b.3,300,000
c.3,900,000
d.1,500,000
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