3 and four itynot for amortized cost.or FVPL and FVOCI buta On December 29, 20x1, ABC Co. acquires 1,000 units of anare3.ialinvestment through a broker at P1.00 per unit, the quotedprice on this date. Ownership over the financial asset transfersto ABC Co. on January 3, 20x2. The fair values per unit onheDecember 31, 20x1 and January 3, 20x2 are P1.75 and P1.50,atrespectively.peorRequirements: Provide the journal entries under the trade dateaccounting and the settlement date accounting assuming the financialasset purchased is classified as subsequently measured at: Chapter 11a. FVPL (held for trading securities),b. FVOCI (mandatory); andC.Amortized cost.4. On December 29, 20x1, ABC Co. sells 1,000 units ofinvestment through a broker at P1.00 per unit, the quotedprice on this date. The investment has a carrying amount ofP1,200. Ownership over the financial asset transfers to thebuyer on January 3, 20x2. The fair values per unit onDecember 31, 20x1 and January 3, 20x2 are P1.75 and P1.50.respectively.Requirements: Provide the journal entries under the trade dateaccounting and the settlement date accounting assuming the financialasset sold was classified as subsequently measured at:a. FVPL (held for trading securities),b. FVOCI (mandatory); andC.Amortized cost.

Trade date: Date on which the entity obligates itself to buy or sell an asset. Settlement date: It…

On December 29, 20x1, ABC Co. acquires 1,000 units of an 3. investment through a broker at P1.00 per unit, the quoted price on this date. Ownership over the financial asset transfers to ABC Co. on January 3, 20x2. The fair values December 31, 20x1 and January 3, 20x2 are P1.75 and P1.50, per unit on respectively. Requirements: Provide the journal entries under the trade date accounting and the settlement date accounting assuming the financial asset purchased is classified as subsequently measured at:

On December 29, 20x1, ABC Co. acquires 1,000 units of an 3. investment through a broker at P1.00 per unit, the quoted price on this date. Ownership over the financial asset transfers to ABC Co. on January 3, 20x2. The fair values December 31, 20x1 and January 3, 20x2 are P1.75 and P1.50, per unit on respectively. Requirements: Provide the journal entries under the trade date accounting and the settlement date accounting assuming the financial asset purchased is classified as subsequently measured at:

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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