On December 31, 2020, Hotel Company held 1,000 ordinary shares of Regent Company in its portfolio of long term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, 2020. During 2021, Hotel acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Hyatt Co. for P180 per share and 800 ordinary shares of Hilton Co. for P220 per share. At the end of 2021, market values per share were: Regent P140; Hyatt P170; and Hilton P200. The adjusting entry on December 31, 2021 would?
On December 31, 2020, Hotel Company held 1,000 ordinary shares of Regent Company in its portfolio of long term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, 2020. During 2021, Hotel acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Hyatt Co. for P180 per share and 800 ordinary shares of Hilton Co. for P220 per share. At the end of 2021, market values per share were: Regent P140; Hyatt P170; and Hilton P200. The adjusting entry on December 31, 2021 would?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On December 31, 2020, Hotel Company held 1,000 ordinary shares of Regent Company in its portfolio of long term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, 2020. During 2021, Hotel acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Hyatt Co. for P180 per share and 800 ordinary shares of Hilton Co. for P220 per share. At the end of 2021, market values per share were: Regent P140; Hyatt P170; and Hilton P200. The
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education