On January 1, 2021, the Oliswel Corporation 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, 2021 and 2022, respectively: P1,750,000 and P2,100,000. No securities were sold during 2022. What amount of unrealized gain or loss should be reported in the 2022 profit or loss section of the statement of comprehensive income? A P100,000 gain B P350,000 gain C P200,000 loss D P250,000 loss

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2021, the Oliswel Corporation 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, 2021 and 2022, respectively: P1,750,000 and P2,100,000. No securities were sold during
2022. What amount of unrealized gain or loss should be reported in the 2022 profit or loss section of the statement of
comprehensive income?
(A) P100,000 gain
B P350,000 gain
C) P200,000 loss
(D P250,000 loss
Transcribed Image Text:On January 1, 2021, the Oliswel Corporation 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, 2021 and 2022, respectively: P1,750,000 and P2,100,000. No securities were sold during 2022. What amount of unrealized gain or loss should be reported in the 2022 profit or loss section of the statement of comprehensive income? (A) P100,000 gain B P350,000 gain C) P200,000 loss (D P250,000 loss
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