PROBLEM 2. On January 1, 2018, Inside Out Corporation had 30,000 ordinaryshares of UP Company purchased at a total amount of P1,800,000, whichincludes directly attributable costs of P30,000. The shares were irrevocablydesignated to present changes in fair value through other comprehensiveincome. On December 31, 2018, the UP shares were selling at P65 per share. InJuly 2019, Inside Out Corporation received a 20% bonus issue. Subsequently, itsold 15,000 shares at P70 per share. Market value of UP ordinary at December 31,2019 was P72 per share. What total amount should be reclassified to RetainedEarnings as a result of selling 15,000 shares in 2019?

Answered: Image /qna-images/answer/97d4c16e-fc78-4fd0-af8c-624a742abc6b.jpg

Answered: 00 shares at P70 per shar P72 per…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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00 shares at P70 per shar P72 per share. What totall as a result of selling 15,00