During 2012, Orly company purchased marketable equity securities as short-term investment to be measured at fair value through other comprehensive income. The cost and market value on December 31, 2012 were as follows: Security Cost Market value A 1,000 shares 600,000 700,000 В 10,000 shares 3,400,000 3,100,000 20,000 shares 6,300,000 5,900,000 The entity sold 10,000 shares of B on January 5, 2013 for P300 per share and incurred P100,000 in brokerage commission and taxes. What amount should be reported as loss on sale of equity securities?
During 2012, Orly company purchased marketable equity securities as short-term investment to be measured at fair value through other comprehensive income. The cost and market value on December 31, 2012 were as follows: Security Cost Market value A 1,000 shares 600,000 700,000 В 10,000 shares 3,400,000 3,100,000 20,000 shares 6,300,000 5,900,000 The entity sold 10,000 shares of B on January 5, 2013 for P300 per share and incurred P100,000 in brokerage commission and taxes. What amount should be reported as loss on sale of equity securities?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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