Answered: On January 1,2021 Hubalde Company…

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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Question

On January 1,2021 Hubalde Company purchased training equity investments which are irrevocably designated at FVPL: 1. Determine the unrealized gain/loss on december 31,2021? 2. Determine the net gain/loss reported on the income statement on december 31,2021? 3. What are the related journal entries? 4. Assuming, the entity irrevocably designated it ay FVOCI, How much is the unrealized gain/loss- FVOCI on December 31,2021? 5. Assuming, the entity irrevocably designated it ay FVOCI, How much is the unrealized gain/loss reported on the income statement on December 31,2021? 6. Assuming the entity irrevocably designated it at FVOCI, What are the related journal entries?

Security
Purchase price
Transaction costs
Fair value, Dec. 31, 2021
A
P1,000,000
P100,000
P1,500,000
2,000,000
200,000
2,400,000
C
4,000,000
400,000
4,700,000
On July 5, 2020, the entity sold Security C amounting to P5,200,000.

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