The following information pertaining to a 5-year P4,000,000 debt investment with a stated rate of 12% was taken from the records of Eggplant Company: Fair value Market Amortized cost rates P4,303,263 P4,303,263 10% January 1, 2019 December 31, 2019 4,253,589 4,388,766 9% December 31, 2020 4,198,948 4,097,749 11% The investment was designated at fair value through other comprehensive income based on the business model of the company. On January 1, 2020, the investment was reclassified to financial asset at amortized cost. The fair value on the date of reclassification was the same as the fair value on December 31, 2019. 1. How much is the interest income for 2020? 2. How much is the amount of investment to be reported in the December 31, 2020 statement of financial position? 3. How much is the cumulative balance of the realized gain (loss) to be reported in the shareholders' equity section of the entity's December 31, 2020 statement of financial position?

The following information pertaining to a 5-year P4,000,000 debt investment with a stated rate of 12% was taken from the records of Eggplant Company: Fair value Market Amortized cost rates P4,303,263 P4,303,263 10% January 1, 2019 December 31, 2019 4,253,589 4,388,766 9% December 31, 2020 4,198,948 4,097,749 11% The investment was designated at fair value through other comprehensive income based on the business model of the company. On January 1, 2020, the investment was reclassified to financial asset at amortized cost. The fair value on the date of reclassification was the same as the fair value on December 31, 2019. 1. How much is the interest income for 2020? 2. How much is the amount of investment to be reported in the December 31, 2020 statement of financial position? 3. How much is the cumulative balance of the realized gain (loss) to be reported in the shareholders' equity section of the entity's December 31, 2020 statement of financial position?

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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