1.

Question 1
4 Points
Use the information below to answer the next two questions.

On January 1, 2017, Compassionate Company acquired as a long-term investment for P8,750,000 a

40% interest in an investee when the fair value of the net assets was P21,875,000. The
investee reported the following net losses:

2017      6,250,000
2018      8,750,000
2019      10,000,000
2020      5,000,000

On January 1, 2019, Compassionate Company made cash advances of P2,500,000 to the investee. On
December 31, 2020, it is not expected that Compassionate will provide further financial support for
the investee.

Instructions: Type the correct answer in the box. Use comma as separator such as 143,000

1. In computing for the unabsorbed share in net loss, how much is the total investment of
Compassionate Company to the associate? Blank 1
2. How much is the unabsorbed share in net loss? Blank 2

1. Blank 1
2. Blank 2

Question 2
2 Points
Bohol Company acquired a building on January 1, 2016 for P9,000,000. On that date, the building had
a useful life of 30 years. On December 31, 2016, the fair value of the building was P9,600,000.

In 2017 and 2018, the fair values are P9,800,000 and P10,000,000, respectively. The building was
classified as an investment property and accounted for under the cost model.

What amounts should be carried in the statement of financial position in 2018?

1.

9,700,000

2.

9,500,000
 3.

8,100,000

4.

8,400,000

2.

Question 3
2 Points
On January 1, 2014, ABC Company acquired as a long term investment for P10,000,000, a 40%
ordinary share interest in XYZ Company when the fair value of XYZ’s net assets was P25,000,000.
XYZ Company reported the following profits / (losses):
2014                                      (15,000,000)
2015                                      (10,000,000)
2016                                      ( 8,000,000)
2017                                        4,000,000
On January 1, 2016, ABC Company made cash advances of P2,000,000 to XYZ Company. On
December 31, 2017, it is not expected that ABC Company will provide further financial support for
XYZ Company.
Which of the following is to be included in the journal entry of ABC Company in 2017?

1.

No entry

2.

DR - Loss on investment       400,000

3.

DR - Investment in Associate 400,000

4.

DR - Investment in Associate 2,800,000

3.

Question 4
2 Points
On January 1, 2016, Cavaliers Company purchased serial bonds with face amount of P5,000,000 and
stated interest of 12%. The interest is payable annually on December 31. The bonds are acquired to
have an effective yield at 10%. The bonds mature at annual installment of P1,000,000 every
December 31.

The present value factors are given below:

PV of 1 at 10% one period -------------------- 0.9091
PV of 1 at 10% two periods -------------------- 0.8264
PV of 1 at 10% three periods -------------------- 0.7513
PV of 1 at 10% four periods -------------------- 0.6830
PV of 1 at 10% five periods -------------------- 0.6209

PV of 1 at 12% one period -------------------- 0.8929

PV of 1 at 12% two periods -------------------- 0.7972
PV of 1 at 12% three periods -------------------- 0.7118
PV of 1 at 12% four periods -------------------- 0.6255
PV of 1 at 12% five periods -------------------- 0.5674

How much is the market price of the serial bonds on acquisition date?

1.

5,207,340

2.

5,241,728

3.

4,758,272

4.

5,090,960

4.

Question 5
2 Points
At the beginning of the current year, Santa Rosa Company purchased marketable securities to be held
as “trading” for P5,000,000. The entity also paid commission, taxes, and other transaction costs
amounting to P200,000.
The securities have a market value of P5,400,000 at year-end. No securities were sold during the year.

The transaction costs that would be incurred on the disposal of the investment are estimated at
P50,000.
What amount of unrealized gain or loss on these securities should be reported in the income statement
for the current year?

1.

350,000 unrealized gain

2.

200,000 unrealized gain

3.

400,000 unrealized gain

4.

150,000 unrealized gain

5.

Question 6
2 Points
At the beginning of the current year, Majestic Company acquired bonds with face amount of
P6,000,000 at a cost of P5,641,500. The bonds are held for trading. Bonds pay interest of
12% semiannually on January 1 and July 1 and mature after four years. The bonds have an effective
yield of 14% and are quoted at 105 at year-end. How much is the unrealized gain at year-end? Blank
1
1. Blank 1

Question 7
8 Points
Use the information below to answer the next four questions.

On January 1, 2020, Faithful Company acquired 20% of the ordinary shares of an associate for

P9,000,000. On this date, all the identifiable assets and liabilities of the associate were recorded at fair
value. The analysis of the acquisition showed that goodwill of P450,000 was acquired. The net income
and dividend of the associate were as follows:

       2020
Cash dividend paid 1,500,000
Net income 4,500,000
In December 2020, the associate sold inventory to Faithful Company for P1,350,000. The cost of the
inventory was P900,000. The inventory remained unsold by Faithful Company on December 31, 2020.
However, it was sold by Faithful Company in 2021.

In December 2021, the associate sold inventory to Faithful Company for P1,125,000. The cost of the
inventory was P750,000. This inventory remained unsold by Faithful Company on December 31,
2021.

Instructions: Type the correct answer in the box. Use comma as separator such as 143,000

1. How much is the investor's share in the profit of the associate for 2020? Blank 1
2. How much is the investor's share in profit of the associate in 2021? Blank 2
3. How much is the carrying amount of the investment in associate on December 31, 2020?
Blank 3
4. How much is the carrying amount of investment in associate on December 31, 2021? Blank 4

1. Blank 1

2. Blank 2

3. Blank 3
4. Blank 4

Question 8
1 Point
A financial asset is any asset that is (choose the incorrect one)

1.

A contractual right to receive cash or another financial asset from another entity.

2.

A contractual right to exchange financial instruments with another entity under

conditions that are potentially unfavorable.

3.

Cash

4.
 An equity instrument of another entity.

2.

Question 9
1 Point
If the nominal rate is greater than the effective yield, there is
I.   Premium on bonds
II.  Discount on bonds
III. Neither premium nor discount on bonds

1.

I only

2.

II only

3.

Cannot be determined

4.

III only

3.

Question 10
2 Points
During 2016, Careful Company purchased marketable equity securities as investment to be measured
at fair value. The cost and market value on December 31, 2016 were as follows:
Ma
Security Measured at Fair Value through Cost
Dec
A Profit or Loss 500,000
B Other Comprehensive Income 1,500,000
C Other Comprehensive Income 4,000,000

The entity sold 40% of Security A shares on July 6, 2016 for P320,000.
The entity sold one-half of Security B shares on November 16, 2017 for P1,200,000.
What total amount should be reported to retained earnings in 2017?

1.
 100,000

2.

550,000

3.

250,000

4.

450,000

4.

Question 11
1 Point
An investment property is derecognized when

1.

It is permanently withdrawn from use.

2.

No future economic benefits are expected from its disposal.

3.

It is disposed to a third party.

4.

In all of the given cases.

5.

Question 12
1 Point
Equity instruments include all of the following, except

1.
 Ordinary shares

2.

Warrants or options that allow the holder to purchase a fixed number of ordinary
shares of the issuing entity in exchange for a fixed amount of cash or another financial
asset

3.

Preference shares

4.

Corporate bonds and other debt instruments issued by the entity.

6.

Question 13
2 Points
During 2020, Gratitude Company purchased marketable equity securities to be measured at fair
value through OCI. On December 31, the balance in the unrealized loss on these securities was
P400,000.
There were no security transactions during 2021. Pertinent data on December 31, 2021 are:
Security    Cost          Market Value    
X 4,200,000 3,200,000
Y 3,700,000 4,000,000
Z 2,100,000 1,800,000
How much is the carrying amount of the financial assets on December 31, 2021?

1.

9,600,000

2.

9,000,000

3.

8,600,000

4.
 10,000,000

7.

Question 14
2 Points
During 2016, Careful Company purchased marketable equity securities as investment to be measured
at fair value. The cost and market value on December 31, 2016 were as follows:
Ma
Security Measured at Fair Value through Cost
Dec
A Profit or Loss 500,000
B Other Comprehensive Income 1,500,000
C Other Comprehensive Income 4,000,000

The entity sold 40% of Security A shares on July 6, 2016 for P320,000. 
The entity sold one-half of Security B shares on November 16, 2017 for P1,200,000.
How much is the total gain/(loss) to be reported in income statement on December 31, 2016? 

1.

100,000

2.

120,000

3.

150,000

4.

170,000

8.

Question 15
1 Point
All statements below are examples of investment property except

1.

Land held for currently undetermined use

 2.

Land held for long-term capital appreciation

3.

None of these

4.

Property being constructed or developed for future use as investment property

5.

Vacant building held to be leased out under finance lease

9.

Question 16
6 Points
Use the information below to answer the next three questions.
 
At the beginning of Year 2016, Heart Company purchased equity securities for P7,000,000 to be
measured at fair value through other comprehensive income. The entity also paid commission, taxes,
and other transaction costs amounting to P200,000. The securities had a market value of P7,300,000
on December 31, 2016 and P7,700,000 on December 31, 2017.
 
Instructions: Type the correct answer in the box. Use comma as separator such as 143,000

1. At what amount should the Financial Asset – FVOCI be recorded on acquisition date? Blank
1
2. How much is the unrealized gain/(loss) to be reported in income statement on December 31,
2016? Blank 2
3. How much is the unrealized gain/(loss) to be reported in statement of changes in equity on
December 31, 2017? Blank 3

1. Blank 1

2. Blank 2
3. Blank 3

Question 17
1 Point
A preference share that provides for mandatory redemption on a specific date or at the option of the
holder is

1.

Neither a financial liability nor an equity instrument

2.

A financial asset

3.

A financial liability

4.

An equity instrument

2.

Question 18
1 Point
Investments in equity instruments that do not have a quoted price in an active market and whose fair
value cannot be reliably determined are subsequently measured at

1.

Cost

2.

Fair value

3.

Amortized cost using the effective interest method 

4.

Amortized cost using the straight-line method

 3.

Question 19
1 Point
Property land or building or part of a building or both held by an owner or by the lessee under a
finance lease to earn rentals or for capital appreciation or both.

1.

Property, Plant, and Equipment

2.

Inventories

3.

Cannot be determined

4.

Investment Property

4.

Question 20
2 Points
On July 1, 2016, Lebron Company purchased 5,000 of the P1,000 face amount, 8% bonds for
P4,802,182 to yield 9% per annum. The bonds, which mature on July 1, 2021, pay interest semi-
annually on January 1 and July 1. The effective interest method of amortization is used.
What is the carrying amount of the bond investment on July 1, 2017?

1.

4,869,472

2.

4,835,103

3.

4,818,280
 4.

4,834,378

5.

Question 21
2 Points
At the beginning of current year, Liliw Company purchased 30% of the outstanding ordinary shares of
an investee. During the current year, the investee reported net income of P4,200,000 and distributed
dividends of P1,800,000. The carrying amount of the investment at year-end was P3,200,000.
What is the purchase price paid for the investment?

1.

5,600,000

2.

800,000

3.

3,920,000

4.

2,480,000

6.

Question 22
1 Point
The power to participate in the financial and operating policy decisions of the investee but not control
or joint control over those policies if the investor holds 20% or more of the voting power of the
investee

1.

Significant influence

2.
 Control

3.

Joint Control

4.

All of these

7.

Question 23
2 Points
At the beginning of the current year, Grateful Company purchased 25% of Steadfast Company. No
"excess" resulted in the purchase. Grateful Company appropriately carried this investment at equity
and the carrying amount of the investment was P3,800,000 at year-end.
Steadfast Company reported net income of P2,400,000 for the current year and paid cash dividend of
P960,000 at year-end. What amount did Grateful Company pay for the 25% interest in Steadfast
Company?

1.

3,440,000

2.

4,640,000

3.

4,160,000

4.

4,040,000

8.

Question 24
1 Point
Financial assets include all of the following, except

1.
 Prepaid expenses

2.

Loans receivable

3.

Cash in bank

4.

Trade accounts receivable

9.

Question 25
1 Point
Which of the following statements is correct regarding the measurement of investment property?

I.   An investment property shall be measured initially at cost plus transaction costs, if any.

II. In subsequent measurement, either fair value model or cost model may be chosen.

1.

Neither I nor II

2.

II only

3.

I only

4.

Both I and II

10.

Question 26
1 Point
It is any contract that evidences residual interest in the assets of an entity after deducting all of its
liabilities.

1.

Loan and receivable

2.

Equity instrument

3.

Debt instrument

4.

Financial asset with indeterminable fair value

11.

Question 27
2 Points
During 2020, Gratitude Company purchased marketable equity securities to be measured at fair
value through OCI. On December 31, the balance in the unrealized loss on these securities was
P400,000.
There were no security transactions during 2021. Pertinent data on December 31, 2021 are:
Security    Cost          Market Value    
X 4,200,000 3,200,000
Y 3,700,000 4,000,000
Z 2,100,000 1,800,000
How much is the cumulative unrealized loss to be presented in statement of changes in equity? (No
need to use negative sign, the question is loss.)

1.

2.

600,000

3.
 400,000

4.

1,000,000

12.

Question 28
1 Point
Which of the following statement is correct about interest rates?
I.  To get the present value factors, the effective yield is used.
II. The nominal rate times face amount is equal to the interest to be collected.
III. The interest income is computed as carrying amount times effective yield.

1.

I only

2.

II and III only

3.

I and III only

4.

All statements

13.

Question 29
1 Point
The method used in investment in associate with 20% or more ownership interest

1.

Equity method

2.

Cost method
 3.

Fair value method

4.

None of these

14.

Question 30
2 Points
On January 1, 2016, Cleveland Company purchased 9% bonds with a face amount of P4,000,000 for
P3,756,000 to yield 10%. The bonds are dated January 1, 2016, mature on December 31, 2025, and
pay interest annually on December 31. The entity used the effective interest method.
What amount should be reported as interest revenue for 2016?

1.

360,000

2.

344,400

3.

400,000

4.

375,600

15.

Question 31
1 Point
Assets held by an entity for the accretion of wealth through distribution such as interest, royalties,
dividends and rentals, for capital appreciation or for other benefits to the investing entity such as those
obtained through trading relationships

1.
 Inventories

2.

Investments

3.

Investment Property

4.

Property, Plant, and Equipment

16.

Question 32
2 Points
Independencia Company acquired 40,000 ordinary shares on October 1 for P6,600,000 to be held for
trading. On November 30, the investee distributed a 10% ordinary stock dividend when the market
price of the share was P250. On December 31, the entity sold 4,000 shares for P1,000,000.
What amount should be reported as gain on sale of investment in the current year?

1.

500,000

2.

400,000

3.

340,000

4.

600,000

5.

Cannot be determined
 17.

Question 33
2 Points
Intel Company bought 25% of Clever Company’s outstanding ordinary share on July 31, 2017, for
P4,000,000. The carrying amount of Clever’s net assets at the purchase date totaled P12,000,000.
Fair values and carrying amounts were the same for all items except for equipment and inventory, for
which fair values exceeded their carrying amounts by P2,400,000 and P1,000,000, respectively. The
equipment has a 10-year life. The remaining difference is attributed to goodwill.
At year-end, 75% of the inventories were sold. Clever reported its annual net income of P3,000,000.
Intel received P125,000 cash dividend for 2017.
At what amount should the investment in associate be reported on December 31, 2017?

1.

3,940,000

2.

3,975,000

3.

4,377,500

4.

4,068,750

18.

Question 34
2 Points
Cordillera Company purchased 8,000, P1,000 face amount , 9% bonds to yield 10%. The carrying
amount of the bonds on January 1, 2016 was P7,800,000. The bonds mature on June 30, 2019 and pay
interest semi-annually on June 30 and December 31. The entity sold 4,000 bonds on March 1, 2016
for P3,920,000 after the interest has been received.
What amount should be recognized as gain on sale of bonds?

1.

25,000

2.
 0

3.

20,000

4.

15,000

19.

Question 35
2 Points
Ilocos Company and its subsidiaries own the following properties that are accounted for in accordance
with international accounting standards:

Equipment leased out by the parent to an unrelated party under an operating lease
Land held by the parent for undetermined use
Land held for future factory site
A vacant building owned by the parent and to be leased out under an operating lease
Property under construction for use as investment property
Property held by subsidiary, a real estate firm, in ordinary course of business
Property held for use in production

How much is the investment property to be reported at year-end? 

1.

16,000,000

2.

12,000,000

3.

13,000,000

4.
 15,000,000

20.

Question 36
2 Points
Intel Company bought 25% of Clever Company’s outstanding ordinary share on July 31, 2017, for
P4,000,000. The carrying amount of Clever’s net assets at the purchase date totaled P12,000,000.
Fair values and carrying amounts were the same for all items except for equipment and inventory, for
which fair values exceeded their carrying amounts by P2,400,000 and P1,000,000, respectively. The
equipment has a 10-year life. The remaining difference is attributed to goodwill.
At year-end, 75% of the inventories were sold. Clever reported its annual net income of P3,000,000.
Intel received P125,000 cash dividend for 2017.
How much should the investment income be recorded on December 31, 2017?

1.

502,500

2.

225,000

3.

100,000

4.

190,000

21.

Question 37
1 Point
Which of the following statements is correct about investment in associate?
I.  Potential voting rights held by other entities are not considered when assessing whether an entity
has significant influence.
II. An entity loses significant influence over an investee when it loses the power to participate in the
financial and operating policy decisions of that investee.

1.

II only
 2.

I only

3.

Neither I nor II

4.

Both I and II

22.

Question 38
6 Points
Use the information below to answer the next three questions.
On January 1, 2020, XYZ Company purchased ten-year bonds with a face amount of P5,000,000. The
stated interest rate is 8% per year payable annually every December 31. The bonds were acquired to
yield 10%.

Present value of 1 for 10 periods at 10%   =    0.386

Present value of 1 for 10 periods at 8%     =   0.463
Present value of an annuity of 1 for 10 periods at 10%   =  6.145
Present value of an annuity of 1 for 10 periods at 8%     =   6.710

Instructions: Type the correct answer in the box. Use comma as separator such as 143,000
For no. 2 item, use negative sign before the amount if discount.

1. How much is the market price of the bond? Blank 1

2. How much is the premium / (discount) to be amortized? Blank 2
3. How much is the carrying amount of the bond on December 31, 2021? Blank 3

1. Blank 1

2. Blank 2
3. Blank 3

Question 39
2 Points
Nagcarlan Company acquired 100,000 ordinary shares of Santa Cruz Company and 300,000 ordinary
shares of Luisiana Company. Both Santa Cruz and Lusiana Company had 1,000,000 ordinary shares
outstanding.
Santa Cruz Company reported net income of P3,000,000 and paid dividends of P2,000,000 during the
current year.
On the other hand, the Luisiana Company reported net income of P4,000,000 and paid dividends of
P1,000,000 during the current year.
What total amount of income from the investments should be reported for the current year?

1.

1,500,000

2.

500,000

3.

1,200,000

4.

1,400,000

2.

Question 40
4 Points
Use the information below to answer the next two questions.

On January 1, 2016, XYZ Company purchased the equity investments which are irrevocably
designated at FVOCI except for Security A which is measured at FVPL:

Market Value
Security Purchase Price Transaction Cost
Dec 31, 2016
A 1,000,000 100,000 1,200,000
B 2,000,000 200,000 2,500,000
C 4,000,000 400,000 4,500,000

On July 1, 2017, the entity sold one-half of Security C for P2,500,000

Instructions: Type the correct answer in the box. Use comma as separator such as 143,000

1. How much is the total gain/(loss) to be reported in income statement in 2017? Blank 1
2. At what amount should Security A be recorded on January 1, 2016? Blank 2
 1. Blank 1
2. Blank 2

Question 41
1 Point
A financial liability is any liability that is contractual obligation
 
I. To deliver cash or other financial asset to another entity.

II. To exchange financial instruments with another entity under conditions that are potentially
unfavorable.

1.

II only

2.

Neither I nor II

3.

I only

4.

Both I and II

2.

Question 42
1 Point
Which of the following statements is correct about the measurement of financial assets (FA) at fair
value?

I.  At initial recognition, an entity shall measure the financial assets at fair value plus transaction costs
except the FA measured through profit or loss wherein the transaction costs are treated as expense.

II. After initial recognition, an entity shall measure a financial asset at (1) fair value through profit or
loss, (2) fair value through other comprehensive income; and (3) at amortized cost.

1.
 I only

2.

Neither I nor II

3.

Both I and II

4.

II only

3.

Question 43
2 Points
Bohol Company acquired a building on January 1, 2016 for P9,000,000. On that date, the building had
a useful life of 30 years. On December 31, 2016, the fair value of the building was P9,600,000.

In 2017 and 2018, the fair values are P9,800,000 and P10,000,000, respectively. The building was
classified as an investment property and accounted for under fair value model.

If the fair value model is used how much is the gain or (loss) in fair value to be reported in profit or
loss statement in 2018?

1.

1,000,000

2.

-200,000

3.

200,000

4.

800,000

4.
Question 44
1 Point
Which of the following is not a financial instrument?

1.

A perpetual debt instrument, meaning no maturity date, that pays interest annually
extending into the indefinite future

2.

Cash deposited in bank

3.

Ordinary share capital issued by the entity

4.

Gold bullion deposited in bank

5.

Question 45
2 Points
North Company received the following dividends from share investments during the current year:
A stock dividend of 5,000 shares from East Company (of which North has 10% equity interest) was
received at year-end when the market value was P10 per share
A cash dividend of P80,000 from West Company which North Company owns a 20% interest
A cash dividend of P450,000 from South Company in which North Company owns a 30% interest
What amount of dividend revenue should be reported for the current year?

1.

2.

530,000

3.

50,000
 4.

80,000

6.

Question 46
2 Points
Faithful Company has a single investment property which had an original cost of P4,800,000 on
January 1, 2014. On December 31,2016, the fair value was P5,000,000 and on December 31, 2017, the
fair value was P4,855,000. On acquisition, the property had a useful life of 40 years.

What is the gain or (loss) to be recognized in profit or loss for 2017 under the fair value model
(FVM)?

1.

-145,000

2.

200,000

3.

-55,000

4.

145,000

7.

Question 47
1 Point
If the ownership interest is below 20%, which of the following conditions is deemed that the investor
has significant control in another entity, if the investor has

1.

Any of these

2.
 Participation in policy decision making process

3.

Interchange of managerial personnel

4.

Representation in the board of directors

8.

Question 48
2 Points
On January 1, 2016, Paradise Corporation purchased P5,000,000 10% bonds for
P4,639,400. Paradise records the financial asset at fair value through OCI. However, if market interest
rates fall sufficiently, Paradise will consider selling the investment in bonds to realize associated
gain. The bonds were purchased to yield 12%. Interest is payable annually every December 31. The
bonds mature on December 31, 2020.

On December 31, 2016 the bonds were selling at 98. On December 31, 2017, Paradise sold 25% of the
bonds at 102, which is the fair value of the bonds on that date, plus accrued interest.

How much is the unrealized gain to be recognized as component of equity on December 31, 2016?

1.

203,872

2.

140,337

3.

4.

260,600

9.

Question 49
2 Points
On January 1, 2016, Crown Asia Company purchased bonds with face amount of P2,000,000. The
bonds are dated January 1, 2016 and mature on January 1, 2020. The interest on the bonds is 10%
payable semi-annually June 30 and December 31. The bond effective interest rate is 12%.

The present value (PV) factors are given below:

PV of 1 at 6% in eight periods ------------------ 0.63
PV of 1 at 12% in four periods ------------------ 0.64
PV of ordinary annuity of 1 at 6% ------------------ 6.21
PV of ordinary annuity of 1 at 12% ------------------ 3.04
PV of 1 at 5% in eight periods ------------------ 0.68
PV of 1 at 10% in four periods ------------------ 0.68
PV of ordinary annuity of 1 at 5% ------------------ 6.46
PV of ordinary annuity of 1 at 10% ------------------ 3.18

What is the present value of the bonds on acquisition date?

1.

1,360,000

2.

1,818,000

3.

1,881,000

4.

1,888,000

10.

Question 50
2 Points
On January 1, 2016, Laguna Company purchased 10% of Batangas Company’s outstanding ordinary
shares for P4,000,000. Laguna Company is the largest single shareholder in Batangas Company and
Laguna Company’s officers are a majority on Batangas Company’s board of directors.

Batangas Company reported net income of P5,000,000 for the current year and paid dividends of
P1,500,000.
On December 31, 2016, what amount should the investment (financial asset) be reported?

1.

4,000,000
 2.

4,350,000

3.

3,850,000

4.

4,500,000

11.

Question 51
2 Points
1. During 2016, Romeo Company bought the shares ofJuliet Company as follows:

June 1 20,000 shares

December 1 30,000 shares
 
The transactions for 2017 are:
January 10 – Received cash dividend at P10 per share.
January 20 – Received 20% stock dividend.
December 10 – Sold 30,000 shares at P55 per share.

How much is the gain/(loss) on the sale of the shares using the FIFO approach?

2.

1,150,000

3.

-150,000

4.

5.
350,000