Strawberry Corp. has various equity investment at fair value through profit or loss transactions during 2020 and 2021. The acquisition cost of all the securities in its portfolio during 2020 was P 532,000. At December 31, 2020 and December 31, 2021, the market values of these investments were P 541,000 and P 512,000, respectively. In 2022, all of these securities were sold for P 550,000. Assuming no other transactions are noted regarding these financial assets at fair value through profit or loss, what is the amount of unrealized gain/loss reported in the 2021 income statement relating to these securities? A. P 29,000 loss B. P 20,000 loss C. P 29,000 gain D. P 20,000 gain

Strawberry Corp. has various equity investment at fair value through profit or loss transactions during 2020 and 2021. The acquisition cost of all the securities in its portfolio during 2020 was P 532,000. At December 31, 2020 and December 31, 2021, the market values of these investments were P 541,000 and P 512,000, respectively. In 2022, all of these securities were sold for P 550,000. Assuming no other transactions are noted regarding these financial assets at fair value through profit or loss, what is the amount of unrealized gain/loss reported in the 2021 income statement relating to these securities? A. P 29,000 loss B. P 20,000 loss C. P 29,000 gain D. P 20,000 gain

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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