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City Company purchased the following portfolio of equity securities during 2020 and the company has made an irrevocable designation as fair value to other comprehensive income. The following information pertains to the securities Security                       Cost               Market Value 12/31/20 X                               P 800,000                   P 820,000  Y                               1,300,000                    1,320,000 Z                                  220,000                     280,000 How much should City Company report as unrealized gain related to the securities transactions in its 2020 statement of financial position?   a. none b. 20,000 unrealized gain c. 100,000 unrealized gain d. 120,000 unrealized gain

City Company purchased the following portfolio of equity securities during 2020 and the company has made an irrevocable designation as fair value to other comprehensive income. The following information pertains to the securities Security                       Cost               Market Value 12/31/20 X                               P 800,000                   P 820,000  Y                               1,300,000                    1,320,000 Z                                  220,000                     280,000 How much should City Company report as unrealized gain related to the securities transactions in its 2020 statement of financial position?   a. none b. 20,000 unrealized gain c. 100,000 unrealized gain d. 120,000 unrealized gain

FINANCIAL ACCOUNTING
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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City Company purchased the following portfolio of equity securities during 2020 and the company has made an irrevocable designation as fair value to other comprehensive income. The following information pertains to the securities

Security                       Cost               Market Value 12/31/20
X                               P 800,000                   P 820,000 
Y                               1,300,000                    1,320,000
Z                                  220,000                     280,000

How much should City Company report as unrealized gain related to the securities transactions in its 2020 statement of financial position?
 
a. none
b. 20,000 unrealized gain
c. 100,000 unrealized gain
d. 120,000 unrealized gain
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