Shangrila bought shares of Crossing, Inc. in two batches as follows: June 10, 2019 December 5, 2019 2,000 shares at P100 3,000 shares at P120· P200,000 360,000 P560,000 Shangrila designated the Crossing shares as At Fair Valua through Other Comprehensive Income. The Crossing shares were quoted at P125 on December 31 2019. The following were the transactions for 2020: Received cash dividend at P10 per share Received 20% bonus issue. Shares sel at P120 after.the bonus issue. Sold 3,000 shares at P120 per share (coming from the December 5, 2019 lot). March 10 June 20 December 10 The Crossing shares were quoted at 125 at December 31, 2020. .How much is the gain (or loss) on the sale of the shares? а. Ро P 37,500 P 60,000 -P 80,000 b. с. d.
Shangrila bought shares of Crossing, Inc. in two batches as follows: June 10, 2019 December 5, 2019 2,000 shares at P100 3,000 shares at P120· P200,000 360,000 P560,000 Shangrila designated the Crossing shares as At Fair Valua through Other Comprehensive Income. The Crossing shares were quoted at P125 on December 31 2019. The following were the transactions for 2020: Received cash dividend at P10 per share Received 20% bonus issue. Shares sel at P120 after.the bonus issue. Sold 3,000 shares at P120 per share (coming from the December 5, 2019 lot). March 10 June 20 December 10 The Crossing shares were quoted at 125 at December 31, 2020. .How much is the gain (or loss) on the sale of the shares? а. Ро P 37,500 P 60,000 -P 80,000 b. с. d.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 8MC: Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde...
Related questions
Question
No. 26
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning