On July 10, 2021, Romantic Co. acquired 25,000 shares of Baboy Co. for P200,000. Romantic Co does not have significant influence over Baboy Co. The entity also spent additional P15,000 transaction cost. Romantic Co. entity made an irrevocable election of the instrument to be classified as FVOCI. On October 15, 2021, the Romantic Co. sold 15,000 shares for P10.5/share. At year- end, Baboy Co.'s shares were selling at P12 per share. How much is the total amount to be recognized as other comprehensive income in the statement of comprehensive income for the year ?
On July 10, 2021, Romantic Co. acquired 25,000 shares of Baboy Co. for P200,000. Romantic Co does not have significant influence over Baboy Co. The entity also spent additional P15,000 transaction cost. Romantic Co. entity made an irrevocable election of the instrument to be classified as FVOCI. On October 15, 2021, the Romantic Co. sold 15,000 shares for P10.5/share. At year- end, Baboy Co.'s shares were selling at P12 per share. How much is the total amount to be recognized as other comprehensive income in the statement of comprehensive income for the year ?
Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations
Section: Chapter Questions
Problem 35P
Related questions
Question
![On July 10, 2021, Romantic Co. acquired 25,000 shares of Baboy Co. for P200,000.
Romantic Co does not have significant influence over Baboy Co. The entity also
spent additional P15,000 transaction cost. Romantic Co. entity made an irrevocable
election of the instrument to be classified as FVOCI.
On October 15, 2021, the Romantic Co. sold 15,000 shares for P10.5/share. At year-
end, Baboy Co.'s shares were selling at P12 per share.
How much is the total amount to be recognized as other comprehensive
income in the statement of comprehensive income for the year ?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F18d4aeb8-5ab9-4600-8133-5a61df177896%2F24a3eb88-ad75-4f86-bec0-34a8216a752a%2F2e0qi31_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On July 10, 2021, Romantic Co. acquired 25,000 shares of Baboy Co. for P200,000.
Romantic Co does not have significant influence over Baboy Co. The entity also
spent additional P15,000 transaction cost. Romantic Co. entity made an irrevocable
election of the instrument to be classified as FVOCI.
On October 15, 2021, the Romantic Co. sold 15,000 shares for P10.5/share. At year-
end, Baboy Co.'s shares were selling at P12 per share.
How much is the total amount to be recognized as other comprehensive
income in the statement of comprehensive income for the year ?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning