P300,000 d. P600,000 w much is the gain (loss) on reclassification to be rec oss on January 1, 2017? Nil P24,343 C. P50,000 d. P100.000
P300,000 d. P600,000 w much is the gain (loss) on reclassification to be rec oss on January 1, 2017? Nil P24,343 C. P50,000 d. P100.000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter10: Long-term Liabilities
Section: Chapter Questions
Problem 10.17MCE
Related questions
Question
Please answer NUMBERS 4, 5 and 6. AND SHOW YOUR SOLUTION
![5. How much is the gain (loss) on reclassification to be recognized in the praft
4 How much is the interest income for 2016?
a. P265,849
b. P300,000
c. P531,699
d. P600,000
5. How much is the gain (loss) on reclassification to be recognized n
or loss on January 1, 2017?
a. Nil
b. P24,343
C. P50,000
d. P100,000
gain (loss) on reclassification to be recognized in the pro
January 1, 2017?
profit or lass
a. Nil
b. P24,343
C. P50,000
d. P100,000
Scanned with CamScanner](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3585cd5e-cafb-4539-9cdf-a30ae2ca266b%2F3d777b40-b137-4c91-bbcd-b15c965b6175%2Fj5w9jcr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. How much is the gain (loss) on reclassification to be recognized in the praft
4 How much is the interest income for 2016?
a. P265,849
b. P300,000
c. P531,699
d. P600,000
5. How much is the gain (loss) on reclassification to be recognized n
or loss on January 1, 2017?
a. Nil
b. P24,343
C. P50,000
d. P100,000
gain (loss) on reclassification to be recognized in the pro
January 1, 2017?
profit or lass
a. Nil
b. P24,343
C. P50,000
d. P100,000
Scanned with CamScanner
![financial asset measured at amortized cost on reclassification date. O
On November 1, 2016, Virginia Co. changed its business model. It v
determined that the remaining investment in bonds should be reclassified to
held for trading. On December 31, 2015, the bonds are quoted at 104%.
payable every December 31. The bonds are to be appropriately classified
Reclassification of Trading Debt Securities
PROBLEM 15-6 Initial and Subsequent measurement, Derecognition c
On January 1, 2015, Virginia Co. acquired a 5-year bonds with a total face value
ond
of P5,000,000 for P5,379,079. The bonds carry an interest e
payable every December 31. The bonds are to be appropriatel,% Per
On January 3, 2016, the ½ of the bonds were sold at 105.
financial asset measured at amortized cost on reclassification ied
December 31, 2016, the bonds are quoted at 102.
On January 1, 2017, the bonds were quoted at 104.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3585cd5e-cafb-4539-9cdf-a30ae2ca266b%2F3d777b40-b137-4c91-bbcd-b15c965b6175%2F1cf7hb7n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:financial asset measured at amortized cost on reclassification date. O
On November 1, 2016, Virginia Co. changed its business model. It v
determined that the remaining investment in bonds should be reclassified to
held for trading. On December 31, 2015, the bonds are quoted at 104%.
payable every December 31. The bonds are to be appropriately classified
Reclassification of Trading Debt Securities
PROBLEM 15-6 Initial and Subsequent measurement, Derecognition c
On January 1, 2015, Virginia Co. acquired a 5-year bonds with a total face value
ond
of P5,000,000 for P5,379,079. The bonds carry an interest e
payable every December 31. The bonds are to be appropriatel,% Per
On January 3, 2016, the ½ of the bonds were sold at 105.
financial asset measured at amortized cost on reclassification ied
December 31, 2016, the bonds are quoted at 102.
On January 1, 2017, the bonds were quoted at 104.
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