(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 Lj, Inc. Lj, Inc. Dwarfy Company Alabang Corp. Totals Quantity 1,000 shares 2,000 shares 1,000 shares 2,000 shares Cost Fair value P45,000 99,000 48,000 216,000 P408,000 P60,000 120,000 36,000 66,000 P282,000 What is the gain or loss on the sale of Polland Co. investment?

(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 Lj, Inc. Lj, Inc. Dwarfy Company Alabang Corp. Totals Quantity 1,000 shares 2,000 shares 1,000 shares 2,000 shares Cost Fair value P45,000 99,000 48,000 216,000 P408,000 P60,000 120,000 36,000 66,000 P282,000 What is the gain or loss on the sale of Polland Co. investment?

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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