FVPL At the start of 20x1, Aglolos Co.'s held for trading securities consist of 10,000 shares of Trucking Co. with fair value per share of P80. Aglolo's trading activities relating to Trucking Co.'s shares during the year are summarized below: Acquired 5,000 shares at P78 per share. Total transaction cost (tax) was P18,500. • Sold 3,000 shares (from those held at the start of the year) at P82 per share. Total transaction cost was P12,300. Trucking Co.'s shares have a fair value of P81 per share on Dec. 31, 20x1. Requirements: Provide the journal entries. Determine the total net gain (loss) from the sale and fair value change during the period.
FVPL At the start of 20x1, Aglolos Co.'s held for trading securities consist of 10,000 shares of Trucking Co. with fair value per share of P80. Aglolo's trading activities relating to Trucking Co.'s shares during the year are summarized below: Acquired 5,000 shares at P78 per share. Total transaction cost (tax) was P18,500. • Sold 3,000 shares (from those held at the start of the year) at P82 per share. Total transaction cost was P12,300. Trucking Co.'s shares have a fair value of P81 per share on Dec. 31, 20x1. Requirements: Provide the journal entries. Determine the total net gain (loss) from the sale and fair value change during the period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:FVPL
At the start of 20x1, Aglolos Co.'s held for trading securities consist of
10,000 shares of Trucking Co. with fair value per share of P80. Aglolo's
trading activities relating to Trucking Co.'s shares during the year are
summarized below:
Acquired 5,000 shares at P78 per share. Total transaction cost (tax)
was P18,500.
Sold 3,000 shares (from those held at the start of the year) at P82 per
share. Total transaction cost was P12,300.
Trucking Co.'s shares have a fair value of P81 per share on Dec. 31, 20x1.
Requirements: Provide the journal entries. Determine the total net gain
(loss) from the sale and fair value change during the period.
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