(b) During the year 2017, Nestle Corp. sold 2,000 shares of Polland Co. for P114,600 and purchased 2,000 more shares of Lj Inc. and 1,000 shares of Dwarfy Company. On December 31, 2017, Nestle's equity securities portfolio consisted of the following: Investment Quantity Cost Fair value Lj, Inc. 1,000 shares P45,000 P60,000 Lj, Inc. 2,000 shares 99,000 120,000 Dwarfy Company 1,000 shares 48,000 36,000 Alabang Corp. 2,000 shares 216,000 66,000 Totals P408,000 P282,000 7. What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2017? a. P126,000 unrealized gain b. P126,000 unrealized loss c. P108,000 unrealized gain d. P108,000 unrealized loss

(b) During the year 2017, Nestle Corp. sold 2,000 shares of Polland Co. for P114,600 and purchased 2,000 more shares of Lj Inc. and 1,000 shares of Dwarfy Company. On December 31, 2017, Nestle's equity securities portfolio consisted of the following: Investment Quantity Cost Fair value Lj, Inc. 1,000 shares P45,000 P60,000 Lj, Inc. 2,000 shares 99,000 120,000 Dwarfy Company 1,000 shares 48,000 36,000 Alabang Corp. 2,000 shares 216,000 66,000 Totals P408,000 P282,000 7. What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2017? a. P126,000 unrealized gain b. P126,000 unrealized loss c. P108,000 unrealized gain d. P108,000 unrealized loss

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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