On January 1, 2020, the Soondubu Stew Corporation purchased equity securities to be held for trading purposes for P2,000,000. The company also paid commissions, taxes and other transaction costs amounting to P50,000. The securities had fair values at December 31, 2020 and 2021, respectively: P1,750,000 and P2,100,000. No securities were sold during 2020. What amount of unrealized gain (loss) should be reported in the 2020 profit or loss section of the statement of comprehensive income?Required to answer. Single choice. -P100,000 -P350,000 -(P250,000) -(P200,000)
On January 1, 2020, the Soondubu Stew Corporation purchased equity securities to be held for trading purposes for P2,000,000. The company also paid commissions, taxes and other transaction costs amounting to P50,000. The securities had fair values at December 31, 2020 and 2021, respectively: P1,750,000 and P2,100,000. No securities were sold during 2020. What amount of unrealized gain (loss) should be reported in the 2020 profit or loss section of the statement of comprehensive income?Required to answer. Single choice. -P100,000 -P350,000 -(P250,000) -(P200,000)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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On January 1, 2020, the Soondubu Stew Corporation purchased equity securities to be held for trading purposes for P2,000,000. The company also paid commissions, taxes and other transaction costs amounting to P50,000. The securities had fair values at December 31, 2020 and 2021, respectively: P1,750,000 and P2,100,000. No securities were sold during 2020. What amount of unrealized gain (loss) should be reported in the 2020 profit or loss section of the statement of comprehensive income?Required to answer. Single choice.
-P100,000
-P350,000
-(P250,000)
-(P200,000)
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