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Atlas Company purchased the following investments during 2020: Classification Cost Market Value December 31, 2020 Security A Trading 900,000 1,000,000 Security B Trading 1,000,000 1,600,000 On July 31, 2021, the entity sold all of the shares of Security B for P1,100,000. On December 31. 2021, the shares of Security A had a market value of P600,000. No other activity occurred during 2021 in relation to the trading security portfolio. 14. What total loss on the trading securities should be reported in the income statement for 2021? a. 400,000 c. 500,000 b. 900,000 d. 100,000

Atlas Company purchased the following investments during 2020: Classification Cost Market Value December 31, 2020 Security A Trading 900,000 1,000,000 Security B Trading 1,000,000 1,600,000 On July 31, 2021, the entity sold all of the shares of Security B for P1,100,000. On December 31. 2021, the shares of Security A had a market value of P600,000. No other activity occurred during 2021 in relation to the trading security portfolio. 14. What total loss on the trading securities should be reported in the income statement for 2021? a. 400,000 c. 500,000 b. 900,000 d. 100,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Atlas Company purchased the following investments during 2020: Classification Cost Market Value December 31, 2020 Security A Trading 900,000 1,000,000 Security B Trading 1,000,000 1,600,000 On July 31, 2021, the entity sold all of the shares of Security B for P1,100,000. On December 31. 2021, the shares of Security A had a market value of P600,000. No other activity occurred during 2021 in relation to the trading security portfolio. 14. What total loss on the trading securities should be reported in the income statement for 2021? a. 400,000 c. 500,000 b. 900,000 d. 100,000
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