Pompey Inc. carries the following marketable equity securities on its books at December 31, 2019 and 2020. All securities were purchased during 2019. Trading Securities: Cost Fair Value 12/31/19 12/31/20 P Company 500,000 260,000 400,000 R Company 260,000 400,000 400,000 T Company 700,000 600,000 500,000 Total 1,460,000 1,260,000 1,300,000 Financial asset @ FVOCI: Cost Fair Value 12/31/19 12/31/20 C Company 4,100,000 3,600,000 3,600,000 I Company 1,000,000 1,200,000 1,400,000 Total 5,100,000 4,800,000 5,000,000 The net unrealized gain/loss at December 31, 2020 in accumulated other comprehensive income in shareholders' equity is Group of answer choices P260,000 loss P 40,000 gain P100,000 loss P200,000 gain
Pompey Inc. carries the following marketable equity securities on its books at December 31, 2019 and 2020. All securities were purchased during 2019. Trading Securities: Cost Fair Value 12/31/19 12/31/20 P Company 500,000 260,000 400,000 R Company 260,000 400,000 400,000 T Company 700,000 600,000 500,000 Total 1,460,000 1,260,000 1,300,000 Financial asset @ FVOCI: Cost Fair Value 12/31/19 12/31/20 C Company 4,100,000 3,600,000 3,600,000 I Company 1,000,000 1,200,000 1,400,000 Total 5,100,000 4,800,000 5,000,000 The net unrealized gain/loss at December 31, 2020 in accumulated other comprehensive income in shareholders' equity is Group of answer choices P260,000 loss P 40,000 gain P100,000 loss P200,000 gain
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
11
Pompey Inc. carries the following marketable equity securities on its books at December 31, 2019 and 2020. All securities were purchased during 2019.
Trading Securities:
Trading Securities:
|
Cost
|
Fair Value
|
||
|
12/31/19
|
12/31/20
|
||
|
P Company
|
500,000
|
260,000
|
400,000
|
|
R Company
|
260,000
|
400,000
|
400,000
|
|
T Company
|
700,000
|
600,000
|
500,000
|
|
Total
|
1,460,000
|
1,260,000
|
1,300,000
|
Financial asset @ FVOCI:
|
Cost
|
Fair Value
|
||
|
12/31/19
|
12/31/20
|
||
|
C Company
|
4,100,000
|
3,600,000
|
3,600,000
|
|
I Company
|
1,000,000
|
1,200,000
|
1,400,000
|
|
Total
|
5,100,000
|
4,800,000
|
5,000,000
|
The net unrealized gain/loss at December 31, 2020 in accumulated other comprehensive income in shareholders' equity is
Group of answer choices
P260,000 loss
P 40,000 gain
P100,000 loss
P200,000 gain
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