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On August 31, 2002, Rubics Company purchased the following equity securities and irrevocably elected to measure them at fair value through other comprehensive income:                                    Fair Value Security        Cost     December 31, 2002 ₱ 96,000 ₱ 84,000 152,000 158,000 162,000 146,000   On December 31, 2002, Rubics reclassified its investment in security F from fair value through other comprehensive income to held for trading securities. What total amount of loss on reclassification should be included in Rubics' income statement for the year ended December 31, 2002? 0 b. 16,000             c. 22,000         d. 28,000

On August 31, 2002, Rubics Company purchased the following equity securities and irrevocably elected to measure them at fair value through other comprehensive income:                                    Fair Value Security        Cost     December 31, 2002 ₱ 96,000 ₱ 84,000 152,000 158,000 162,000 146,000   On December 31, 2002, Rubics reclassified its investment in security F from fair value through other comprehensive income to held for trading securities. What total amount of loss on reclassification should be included in Rubics' income statement for the year ended December 31, 2002? 0 b. 16,000             c. 22,000         d. 28,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. On August 31, 2002, Rubics Company purchased the following equity securities and irrevocably elected to measure them at fair value through other comprehensive income:

                                   Fair Value

Security        Cost     December 31, 2002

  • ₱ 96,000 ₱ 84,000
  • 152,000 158,000
  • 162,000 146,000

 

On December 31, 2002, Rubics reclassified its investment in security F from fair value through other comprehensive income to held for trading securities. What total amount of loss on reclassification should be included in Rubics' income statement for the year ended December 31, 2002?

  1. 0 b. 16,000             c. 22,000         d. 28,000
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