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Investment in Associate Penny bought 30% of the equity share capital of Alex...

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Accounting

Investment in Associate
Penny bought 30% of the equity share capital of Alex on 1 January 20X5 for P250,000. Alex's profits for the year were P170,000. An impairment review was carried out at the end of the year and the investment in Alex was found to be impaired by P20,000.
Required: Calculate the investment in associate to appear in Penny's financial statements at 31 December 20X5. (5 points with solution)

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