On January 1, 2020, DEF Company purchased equity securities for P18,000,000. The entity paid the broker P20,000 for his commission. Provided below are the fair value of the equity securities: December 31, 2020 – P10,000,000 December 31, 2021 - P12,500,000 December 31, 2022 – P15,100,000 December 31, 2023 – P20,500,000 – Selling price Requirement: The company uses the Fair Value through Other Comprehensive Income in valuing the investments. Complete the table below. Jan 1, 2020 Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Statement of Financial Position Investments - FVOCI Statement of Changes in Equity Other Comprehensive Income Retained earnings Statement of Comprehensive Income (Other Comprehensive Income) Unrealized gain/(loss)
On January 1, 2020, DEF Company purchased equity securities for P18,000,000. The entity paid the broker P20,000 for his commission. Provided below are the fair value of the equity securities: December 31, 2020 – P10,000,000 December 31, 2021 - P12,500,000 December 31, 2022 – P15,100,000 December 31, 2023 – P20,500,000 – Selling price Requirement: The company uses the Fair Value through Other Comprehensive Income in valuing the investments. Complete the table below. Jan 1, 2020 Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Statement of Financial Position Investments - FVOCI Statement of Changes in Equity Other Comprehensive Income Retained earnings Statement of Comprehensive Income (Other Comprehensive Income) Unrealized gain/(loss)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2020, DEF Company purchased equity securities for P18,000,000. The entity paid the broker P20,000 for his commission. Provided below are the fair value of the equity securities:
December 31, 2020 - P10,000,000
December 31, 2021 - P12,500,000
December 31, 2022 - P15,100,000
December 31, 2023 – P20,500,000 – Selling price
Requirement: The company uses the Fair Value through Other Comprehensive Income in valuing the investments. Complete the table below:
Jan 1, 2020
Dec 31, 2020
Dec 31, 2021
Dec 31, 2022
Dec 31, 2023
Statement of Financial Position
Investments - FVOCI
Statement of Changes in Equity
Other Comprehensive Income
Retained earnings
Statement of Comprehensive Income (Other Comprehensive Income)
Unrealized gain/(loss)
HA
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