During 2021, Perez Co. purchased 3,000 shares of Corpuz Corp. ordinary shares for P40,300 as a short-term investment. The investment was appropriately classified as Financial Asset @ FVPL. The fair value of this investment was P32,500 at December 31, 2021. Perez sold all of the Corpuz ordinary shares for P10 per share on January 15, 2022. incurring P1,400 in brokerage commissions and taxes.

During 2021, Perez Co. purchased 3,000 shares of Corpuz Corp. ordinary shares for P40,300 as a short-term investment. The investment was appropriately classified as Financial Asset @ FVPL. The fair value of this investment was P32,500 at December 31, 2021. Perez sold all of the Corpuz ordinary shares for P10 per share on January 15, 2022. incurring P1,400 in brokerage commissions and taxes.

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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