During Year 1, Peninsula Corporation acquired, as financial assets at fair value through profit or loss, ordinary shares of RPP Company as follows: No, of Shares Cost Per Share P560 Total Cost P448,000 360,000 Lot Date 800 January 25 April 5 600 B 600 RPP Company effected a 20% bonus issue on February 14, Yrur 1. Stock rights on ordinary shares wcre issued on October 30 Year 1, entitling holders to purchase one new ordinary share at P450 for each ten shares held. On this date, the stock ex-rights were being traded at P620 per share. On November 8, Year 1, Peninsula sold 500 rights that pertained to Lot A. Sales price was P20.00 per right. The corporation paid a brokerage fee of P500 on the sale of the stock rights. Peninsula exercised the remaining rights on November 11, Year 1. Fair value of cach share on December 31 was P650. How much total income from investments shall Peninsula Corporation report during Year 1? P 9,500 P18,020 P27,520 P28,020 а. b. с. d.

During Year 1, Peninsula Corporation acquired, as financial assets at fair value through profit or loss, ordinary shares of RPP Company as follows: No, of Shares Cost Per Share P560 Total Cost P448,000 360,000 Lot Date 800 January 25 April 5 600 B 600 RPP Company effected a 20% bonus issue on February 14, Yrur 1. Stock rights on ordinary shares wcre issued on October 30 Year 1, entitling holders to purchase one new ordinary share at P450 for each ten shares held. On this date, the stock ex-rights were being traded at P620 per share. On November 8, Year 1, Peninsula sold 500 rights that pertained to Lot A. Sales price was P20.00 per right. The corporation paid a brokerage fee of P500 on the sale of the stock rights. Peninsula exercised the remaining rights on November 11, Year 1. Fair value of cach share on December 31 was P650. How much total income from investments shall Peninsula Corporation report during Year 1? P 9,500 P18,020 P27,520 P28,020 а. b. с. d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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