On January 1, 20X2, SME QQQ acquired a 30% equity of BBB for P 80,000. The transaction
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Question:
Determine the impairment loss recognized by QQQ at December 31, 20X2 in reporting the investment on the balance sheet, using the equity model.
Determine the net profit or (loss) to be presented by QQQ. In the income statement for 20X2 using the fair value model.
Determine the amount of the investment to be presented on the balance sheet at December 31, 20X2 using the cost model.
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