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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
No. 26
Transcribed Image Text:Shangrila designated the Crossing shares as At Fair Value
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
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 sell
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?
P O
P 37,500
P 60,000
-P 80,000
а.
b.
c.
d.
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