On January 1, 2019, Pacita Corp. purchased equity securities to be held for trading purposes for P2,000,000. The company also paid commission, taxes and other transaction costs amounting to P50,000. The securities had fair values at December 31, 2019 and 202, respectively: P1,750,000 and P2,100,000. No securities were sold during 2020. What amount of unrealized gain or loss should be reported in the 2020 profit or loss section of the statement of comprehensive income? (A) P200,000 loss (B P100,000 gain P350,000 gain P250,000 loss

On January 1, 2019, Pacita Corp. purchased equity securities to be held for trading purposes for P2,000,000. The company also paid commission, taxes and other transaction costs amounting to P50,000. The securities had fair values at December 31, 2019 and 202, respectively: P1,750,000 and P2,100,000. No securities were sold during 2020. What amount of unrealized gain or loss should be reported in the 2020 profit or loss section of the statement of comprehensive income? (A) P200,000 loss (B P100,000 gain P350,000 gain P250,000 loss

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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