portroli comprehensive income at December 31, 2019: Purchase Fair Value at 12/31/2019 price 225,000 250,000 Joe ordinary shares Kram preference shares 133,000 140,000 Teph ordinary shares 180,000 178,000 On April 30, 2020, Zeroooo sold all the Joe shares at P54 per share. On July 31, 2020, 3,000 of Diode Corporation were acquired at P59, also classified at FV-OCI.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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How much gain or loss shall be recognized in Profit or Loss on the sale of Joe shares on April 30, 2020? 

Zeroooo Company had the following portfolio of equity investment at fair value through other
comprehensive income at December 31, 2019:
Purchase Fair Value at
price
12/31/2019
225,000
250,000
Joe ordinary shares
Kram preference shares
133,000
140,000
Teph ordinary shares
180,000
178,000
On April 30, 2020, Zeroooo sold all the Joe shares at P54 per share.
On July 31, 2020, 3,000 of Diode Corporation were acquired at P59, also classified at FV-OCI.
The December 31, 2020 fair values were: Kram, P135,000; Teph, 190,000; and Diode, P200,000
Transcribed Image Text:Zeroooo Company had the following portfolio of equity investment at fair value through other comprehensive income at December 31, 2019: Purchase Fair Value at price 12/31/2019 225,000 250,000 Joe ordinary shares Kram preference shares 133,000 140,000 Teph ordinary shares 180,000 178,000 On April 30, 2020, Zeroooo sold all the Joe shares at P54 per share. On July 31, 2020, 3,000 of Diode Corporation were acquired at P59, also classified at FV-OCI. The December 31, 2020 fair values were: Kram, P135,000; Teph, 190,000; and Diode, P200,000
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