During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021. Cost Market value A 300,000 400,000 B 1,500,000 1,700,000 C 3,800,000 3,900,000 The entity sold Investment C on January 10, 2022 for P 4,000,000 What is the unrealized gain or loss should be reported in the income statement for 2021? a. 100,000 gain b, 100,000 loss c. 400,000 gain d. 400,000 loss
During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021. Cost Market value A 300,000 400,000 B 1,500,000 1,700,000 C 3,800,000 3,900,000 The entity sold Investment C on January 10, 2022 for P 4,000,000 What is the unrealized gain or loss should be reported in the income statement for 2021? a. 100,000 gain b, 100,000 loss c. 400,000 gain d. 400,000 loss
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021.
|
Cost |
Market value |
|
|
A |
300,000 |
400,000 |
|
B |
1,500,000 |
1,700,000 |
|
C |
3,800,000 |
3,900,000 |
The entity sold Investment C on January 10, 2022 for P 4,000,000
What is the unrealized gain or loss should be reported in the income statement for 2021?
a. 100,000 gain
b, 100,000 loss
c. 400,000 gain
d. 400,000 loss
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