On June 30, 2019, Cassiopeia purchased the following shares at a total cost of P3,600,000: Aquila Grus Indus Number of shares 50,000 100,000 200,000 Total fair value 450,000 1,350,000 1,800,000 At the end of the year, the fair values of the shares are as follows: Aquila Grus Indus P12 16 6 On June 30, 2020, Cassiopeia sold half of its holdings in Indus at P7.50 per share. Prepare the journal entries in the books of Cassiopeia given the following independent assumptions: 1. SEPARATE JOURNAL ENTRIES for shares classified as Financial Asset at Fair Value through Profit or Loss (P/L) & Fair Value through Other Comprehensive Income (OCI

On June 30, 2019, Cassiopeia purchased the following shares at a total cost of P3,600,000: Aquila Grus Indus Number of shares 50,000 100,000 200,000 Total fair value 450,000 1,350,000 1,800,000 At the end of the year, the fair values of the shares are as follows: Aquila Grus Indus P12 16 6 On June 30, 2020, Cassiopeia sold half of its holdings in Indus at P7.50 per share. Prepare the journal entries in the books of Cassiopeia given the following independent assumptions: 1. SEPARATE JOURNAL ENTRIES for shares classified as Financial Asset at Fair Value through Profit or Loss (P/L) & Fair Value through Other Comprehensive Income (OCI

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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