An entity provided the following information at year-end: TradingNontradingAggregate costP3,600,000P5,500,000Aggregate fair value3,200,0004,500,000Aggregate lower of cost or fair value applied individually3,040,0004,200,000The cost of disposal is estimated at P100,000 for trading securities and P150,000 for nontrading securities. The nontrading securities are designated as measured at FVOCI. What total amount should be reported as unrealized loss in the income statement for the current year?

Financial assets held for trading are measured at Fair value through profit or loss

Answered: An entity provided the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An entity provided the following information at year-end:

	Trading	Nontrading
Aggregate cost	P3,600,000	P5,500,000
Aggregate fair value	3,200,000	4,500,000
Aggregate lower of cost or fair value applied individually	3,040,000	4,200,000

The cost of disposal is estimated at P100,000 for trading securities and P150,000 for nontrading securities. The nontrading securities are designated as measured at FVOCI. What total amount should be reported as unrealized loss in the income statement for the current year?

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