Fill in the blanks: Blackknight Corp. purchased the following held for trading investments during 2020: ABC shares, cost P900,000 DEF shares, cost P 1,000,000 The market values of the above shares were P1,000,000 and P1,600,000 respectively. The entity sold all of DEF shares by the middle of 2021 for P1,100,000. the market value of ABC shares on December 31, 2021 is P600,000. How much loss on the trading securities should be reported in the income statement for 2021

Fill in the blanks: Blackknight Corp. purchased the following held for trading investments during 2020: ABC shares, cost P900,000 DEF shares, cost P 1,000,000 The market values of the above shares were P1,000,000 and P1,600,000 respectively. The entity sold all of DEF shares by the middle of 2021 for P1,100,000. the market value of ABC shares on December 31, 2021 is P600,000. How much loss on the trading securities should be reported in the income statement for 2021

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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