Upvote will be given. Write the complete solutions legibly. The encircled letter is the correct answer. Solve it manually. curities was P1,000,000. There were no security transactions during 2024. Pertinent data on December 31, 2024are:SecurityABCost10,500,000Market Value8,000,00010,000,0004,500,000C9,250,0005,250,0003. How much is the carrying amount of the financial assets on December 31, 2024?☑21,500,000b 22,500,000C.24,000,000d. 25,000,0004. How much is the cumulative unrealized loss to be presented in statement of changes in equity in 2024?a. 2,500,000b. 1,500,000C. 1,000,000d. 0 Use the following information to answer the next two questions.During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fairvalue through other comprehensive income. On December 31, the balance in the unrealized loss on these

Investment means an asset purchased in expectation of earning a return on such investment in future…

During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair value through other comprehensive income. On December 31, the balance in the unrealized loss on these

During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair value through other comprehensive income. On December 31, the balance in the unrealized loss on these

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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Question

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Upvote will be given. Write the complete solutions legibly. The encircled letter is the correct answer. Solve it manually.

curities was P1,000,000. There were no security transactions during 2024. Pertinent data on December 31, 2024
are:
Security
A
B
Cost
10,500,000
Market Value
8,000,000
10,000,000
4,500,000
C
9,250,000
5,250,000
3. How much is the carrying amount of the financial assets on December 31, 2024?
☑
21,500,000
b 22,500,000
C.
24,000,000
d. 25,000,000
4. How much is the cumulative unrealized loss to be presented in statement of changes in equity in 2024?
a. 2,500,000
b. 1,500,000
C. 1,000,000
d. 0

Use the following information to answer the next two questions.
During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair
value through other comprehensive income. On December 31, the balance in the unrealized loss on these

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