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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
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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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
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.
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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