On September 1, Wray Company received a P500,000 cash Wray Company provided the following data for the current dividend from Seco Company in which Wray Company liquidating dividend from King Company....

Extracted text: On September 1, Wray Company received a P500,000 cash Wray Company provided the following data for the current dividend from Seco Company in which Wray Company liquidating dividend from King Company. Wray Company Wray Company owns a 10% interest in Bow Company, On October 1, Wray Company received a P60,000 Problem 16-14 (AICPA Adapted) year: On September 1, Wray Company received a P500,000co owns a 30% interest. On October 1, Wray Company received a owns a 5% interest in King. Wray Company owns a 10% interest in Bow Company which declared and paid P2,000,000 cash dividend on November 15. What amount should be reported as dividend income for the current year? a. 700,000 b. 560,000 c. 500,000 d. 200,000