Irene received the following dividends in 2021: • an eligible dividend of $16,550 a non-eligible dividend of $12,450 a dividend of $21,975 from a foreign corporation, net of $3300 of foreign tax withheld • a stock dividend of 444 shares; the paid-up capital of the corporation was increased by $25 for each share issued, and the issuing company is a public company Irene has a combined federal and provincial tax rate of 45%. Required: Indicate total after-tax amount received by Irene in 2021. For each investment you should identify the total cash received, the taxable amount, the taxes, any related dividend tax credits (if applicable), and total cash (after- tax). Use a chart to help organize your calculations.
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- Mang Corporation, a domestic corporation, owns 20% of the outstanding shares of RJ Corporation, a non-resident foreign corporation. On March 1, 2021, it received dividends amounting to P1,000,000. Which statement is subject to income tax? The said dividend has not been used until January 13, 2023 All of the above The said dividend was utilized in 2022 for its dividend payment The said dividend was utilized on June 15, 2022 for its working capital requirementsSCENARIO: AMO Limited purchases shares of BEMI Limited by investing 1,000,000.00 ZMW. The dividend received on these shares reflects in the profit and loss account of the company. Further, the workers of the company receive an annual bonus and the dividend amount is taken into account in calculating the overall bonus figure.A few years later, AMO Limited transfers the shares of BEMI Limited to CUMI Limited, which is a wholly owned subsidiary of AMOLimited. Post transferring of the shares, the dividends do not reflect in the accounts of AMO Limited. This leads to a reduction in the overall bonus amount figure. Is AMO Limited legally allowed to do so? Which legal theory needs to be mentioned here?ABC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC distributes, to its shareholders, the shares of XYZ in the form of a dividend. This distribution is an example of a dividend: a. in stock (stock dividend). b. owned (property dividend). c. in liquidation (liquidating dividend).
- Eduardo, a large entity, owns 50% and 20% of Letecia Corporation’s ordinary and preference shares, respectively. Letecia’s shares outstanding at December 31, 2021 follow: Ordinary share, P5,000,000 10% non-cumulative preference share, P1,200,000 Letecia reported net income of P750,000 for the year ended December 31, 2021. What amount should Eduardo report as total revenue related to its investment in Letecia Company for the year ended December 31, 2021?During year 1, Jenny Company engaged in the following transactions. How much would be disclosed as related-party transactions in Jenny's year 1 financial statements? * Salary expense to key employees who are also principal owners P100,000 Sales to affiliated enterprises P250,000 Your answer Pat Company reported the following information on December 31, 2020. Determine the legal capital: Preference Share, P100 par Share Premium - Preference Ordinary Share, P15 par Share Premium -Ordinary Subscribed Ordinary Share Retained Earnings Notes Payable Subscription receivable-Ordinary P230,000 80,500 525,000 275,000 5,000 190.000 400,000 40,000A Corporation owns 10 percent of D Corporation. D Corporation earns a total of $201.9 million before taxes in the current year, pays corporate tax on this income, and distributes the remainder proportionately to its shareholders as a dividend. In addition, A Corporation owns 40 percent of Partnership P. Partnership P earns $501.9 million in the current year. Given this fact pattern, answer the following questions:a. How much cash from the D Corporation dividend remains for A Corporation after A pays the tax on the dividend, assuming A Corporation is eligible for the 50 percent dividends received deduction? b. If Partnership P distributes all of its current-year earnings in proportion to the partner's ownership percentages, how much cash from Partnership P does A Corporation have after paying taxes on its share of income from the partnership? c. If you were to replace A Corporation with Individual A [marginal tax rate on ordinary income is 37 percent and on qualified dividends is 23.8…
- An investor company purchased 60,000 of the 500,000 outstanding shares of the investee company's common stock on January 1, 2021. During 2021, the investee company reported earnings for the year of $459,000, and declared and paid an $0.52 per share cash dividend during 2021. If the investor company uses the fair value method of accounting for its investment in the investee company, it should report Dividend Revenue from the investee for 2021 in the amount of $_______. (If there is no Dividend Revenue, then enter 0. Do not round your answer for any part of the computation.)X owns 20% of the stocks of Y Corporation. X and Y are both domestic corporations. Y declared P120,000 dividends in 2021. How much dividend income after any applicable tax will X receive? a.P19,000 b.P18,000 c.P24,000 d.P20,000Submit Assume that, on January 1, 2021, Everest Corporation paid $1,656,000 for its investment in 82,800 shares of Beam Company Further, assume that Beam has 230,000 total shares of stock issued. The book value and fair value of Beam's identifiable net assets were both $460,000 at January 1, 2021. The following information pertains to Beam during 2021: Net income Dividends declared and paid Market price of common stock on 12/31/2021 $230,000 $ 69,000 22/share 17 What amount would Everest report in its year-end 2021 balance sheet for its investment in Beam? Multiple Choice $1,955,000. $1,817,000. $1,713,960. None of these answer choices are correct. raw MacBook Air
- On January 1, 2020, Hough Co. purchased 100,000 ordinary shares of Derek Co. at ₱20 per share. The shares are classified as financial asset at fair value through profit or loss. Derek declared and paid dividends of ₱2 and ₱3 per share during 2020 and 2021. At the end of 2020 and 2021, Derek's shares have a fair value of ₱18 and ₱22 respectively.1. Determine the dividend income recognized by Hough on the equity instrument in 2020 and 2021.2. Determine the carrying amount of the equity instrument on Hough's statement of financial statement on December 31, 2020 and December 31, 2021.3. Determine the unrealized gain or loss on change in fair value recognized by Hough in its profit or loss statement for the year ended December 31, 2020 and December 31, 2021.On January 1, 2021, had 2, 000, 0000 ordinary shares outstanding. On July 1, 2021, the entity issued 500,000 preference shares which are convertible into 300, 000 ordinary shares During the year, the entity declared and paid P1,000,000 cash dividend on the ordinary shares and P800,000 cash dividend on the preference shares. The net income for the current year was P6,500,000 . What amount should be reported as diluted earnings per share?(Use the PFRS for SMEs) On December 31, 2021, Taher Co. acquired 30% of the ordinary shares that carry voting rights of entity B for P100,000. Taher Co. incurred transaction costs of P1,000 in acquiring these shares. Taher Co. has significant influence over entity B. Taher Co. uses the cost model to account for its investments in associates. In January 2022, entity B declared and paid a dividend of P20,000 out of profits earned in 2021. No further dividends were paid in 2022, 2023 or 2024. A published price quotation does not exist for entity B. At December 31, 2021, 2022 and 2023, in accordance with Section 27 Impairment of Assets, management assessed the fair values of its investment in entity B as P102,000, P110,000 and P90,000 respectively. Costs to sell are estimated at P4,000 throughout. Taher Co. measures its investment in entity B on December 31, 2021 at? Taher Co. measures its investment in entity B on December 31, 2022 at? The facts are the same as in the immediately…