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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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