On january 1, 2021 m, Hubalde Company purchased trading equity investments which are irrevocably designated at FVPL: On January 1, 2021, Hubalde Company purchased trading equity investments which are irrevocably designated at FVPL:SecurityPurchase priceTransaction costsFair value, Dec. 31, 2021P1,000,000P100,000P1,500,000В2,000,000200,0002,400,0004,000,000400,0004,700,000On July 5, 2020, the entity sold Security C amounting to P5,200,000.Requirements:1. Determine the unrealized gain/loss on December 31, 2021?2. Determine the net gain/loss reported on the income statement on December 31, 2021?3. What are the related journal entries?4. Assuming, the entity irrevocably designated it at FVOCI, how much is the unrealized gain/loss FVOCI on December 31, 2021?5. Assuming, the entity irrevocably designated it at FVOCI, how much is the net gain/loss reported on the income statement on December 31,2021?6. Assuming, the entity irrevocably designated it at FVOCI, what are the related journal entries?

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Business

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n january 1, 2021 m, Hubalde Company purchased trading equity investments which are irrevocably designated

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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