Upvote will be given. Write the complete solutions legibly. The encircled letter is the correct answer. Solve it manually. 7. Joyful Company received the following dividends from share investments during the current year:A cash dividend of P120,000 from Merry Company which Joyful Company owns a 10% interest. Joyfulhas representation with the board of directors in Merry Company.A cash dividend of P500,000 from Bliss Company in which Joyful Company owns a 30% interestA stock dividend of 4,000 shares from Glee Company of which Joyful has 15% equity interest wasreceived at year-end when the market value was P12 per shareWhat amount of dividend revenue should be reported for the current year?a.0b.12,000C. 48,000d. 60,000

Dividend is the amount received on account of being the holder of shares in a company. Dividends are…

Answered: Joyful Company received the following…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter15: Dividend Policy

Section: Chapter Questions

Problem 5P

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Gold Co. received dividends from its common stock investments during the year ended December 31 as follows: * A cash dividend totaling $50,000 from its trading security investment in Hico Corporation, when the market price of Hico's shares was $40 per share * A cash dividend of $20,000 from Garden Corp. in which Gold Co. owns a 32% interest How much dividend income should Gold report in its income statement? Select one: a. $0 b. $20,000 c. $50,000 d. $30,000
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