Problem 3. On January 1, 2023, Prudent & Cautious Company purchased equity securities for P12,000,000 to be measured at fair value through other comprehensive income. The entity also paid commission, taxes, and other transaction costs amounting to P250,000. The securities had a market value of P12,810,000 on December 31, 2023 and P11,950,000 on December 31, 2024. 12,250,000 0 -300,000 At what amount should the Financial Asset - FVOCI be recorded on acquisition date? (2,250,000 How much is the unrealized gain/(loss) to be reported in income statement on December 31, 2023? 560,00 How much is the unrealized gain/(loss) to be reported in statement of changes in equity on December 31, 2024?

Problem 3. On January 1, 2023, Prudent & Cautious Company purchased equity securities for P12,000,000 to be measured at fair value through other comprehensive income. The entity also paid commission, taxes, and other transaction costs amounting to P250,000. The securities had a market value of P12,810,000 on December 31, 2023 and P11,950,000 on December 31, 2024. 12,250,000 0 -300,000 At what amount should the Financial Asset - FVOCI be recorded on acquisition date? (2,250,000 How much is the unrealized gain/(loss) to be reported in income statement on December 31, 2023? 560,00 How much is the unrealized gain/(loss) to be reported in statement of changes in equity on December 31, 2024?

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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