angrila bought shares of Crossing, Inc. in two batches as follows: June 10, 2018 2000 shares at PI00 P200,000 December 5, 2018 3000 shares at P120 360,000 Shangrila designated the Crossing shares as At Fair Value through Other Comprehensive Income. The Crossing shares were quoted at PI25 on December 31, 2018. The following were the transactions for 2019: March 10 Received cash dividend at P10 per share June 20 Received 20% bonus issue. Shares sell at PI20 after the bonus issue. December 10 Sold 3,000 shares at P120 per share (coming from the December 5, 2018 lot). The Crossing shares were quoted at 125 at December 31, 2019. How much should Shangrila report as cumulative other comprehensive income in the equity section of its statement of financial position at December 31, 2019? a. P0 b. P100.000 c. P115,000 d. P125,000
angrila bought shares of Crossing, Inc. in two batches as follows: June 10, 2018 2000 shares at PI00 P200,000 December 5, 2018 3000 shares at P120 360,000 Shangrila designated the Crossing shares as At Fair Value through Other Comprehensive Income. The Crossing shares were quoted at PI25 on December 31, 2018. The following were the transactions for 2019: March 10 Received cash dividend at P10 per share June 20 Received 20% bonus issue. Shares sell at PI20 after the bonus issue. December 10 Sold 3,000 shares at P120 per share (coming from the December 5, 2018 lot). The Crossing shares were quoted at 125 at December 31, 2019. How much should Shangrila report as cumulative other comprehensive income in the equity section of its statement of financial position at December 31, 2019? a. P0 b. P100.000 c. P115,000 d. P125,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Shangrila bought shares of Crossing, Inc. in two batches as follows:
June 10, 2018 2000 shares at PI00 P200,000
December 5, 2018 3000 shares at P120 360,000
Shangrila designated the Crossing shares as At Fair Value through Other Comprehensive Income.
The Crossing shares were quoted at PI25 on December 31, 2018. The following were the transactions for 2019:
March 10 Received cash dividend at P10 per share
June 20 Received 20% bonus issue. Shares sell at PI20 after the bonus issue.
December 10 Sold 3,000 shares at P120 per share (coming from the December 5, 2018 lot).
The Crossing shares were quoted at 125 at December 31, 2019.
How much should Shangrila report as cumulative other comprehensive income in the equity section of its statement of financial position at December 31, 2019?
a. P0
b. P100.000
c. P115,000
d. P125,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education