This subject is Intermediate AccountingFor the following items indicate the amount of dividend income that should be recognized by Fruits Company for 2019 for each of the following scenarios.a. Received 2,000 common shares of Banana Company in lieu of cash dividend. The market price of Banana Company’s shares was P150.b. Received P800,000 from Orange Company which was considered as a liquidating dividendc. Cash dividend of P450,000 from Berry Company in which Fruits Company owns a 25% interest giving Fruits Company significant influence over Berry Company.d. Received property dividends from Tomato Company with fair value of P400,000 and carrying amount of P500,000. In addition, the underlying shares had fair value of P700,000e. Fruits Company owns a 15% interest in Lemon Company which declared a P1,200,000 cash dividend on November 15, 2019 to stockholders of record on December 15, 2019 payable on January 15, 2020.BusinessAccountingACC 101
