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 praft4 How much is the interest income for 2016?a. P265,849b. P300,000c. P531,699d. P600,0005. How much is the gain (loss) on reclassification to be recognized nor loss on January 1, 2017?a. Nilb. P24,343C. P50,000d. P100,000gain (loss) on reclassification to be recognized in the proJanuary 1, 2017?profit or lassa. Nilb. P24,343C. P50,000d. P100,000Scanned with CamScanner financial asset measured at amortized cost on reclassification date. OOn November 1, 2016, Virginia Co. changed its business model. It vdetermined that the remaining investment in bonds should be reclassified toheld for trading. On December 31, 2015, the bonds are quoted at 104%.payable every December 31. The bonds are to be appropriately classifiedReclassification of Trading Debt SecuritiesPROBLEM 15-6 Initial and Subsequent measurement, Derecognition cOn January 1, 2015, Virginia Co. acquired a 5-year bonds with a total face valueondof P5,000,000 for P5,379,079. The bonds carry an interest epayable every December 31. The bonds are to be appropriatel,% PerOn January 3, 2016, the ½ of the bonds were sold at 105.financial asset measured at amortized cost on reclassification iedDecember 31, 2016, the bonds are quoted at 102.On January 1, 2017, the bonds were quoted at 104.

Interest income is the amount of money that is paid to entity for lending the money or using the…

Answered: P300,000 d. P600,000 w much is the gain…

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

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