Problem 19:56. On its December 31, 2020 balance sheet, Polo Company reported securities measured at fair value throughother comprehensive income. These securities were acquired at a cost P360,000 and had a year-end fairvalue of P330,000. On December 31, 2021, the fair value of the securities was P350,000. What should Poloreport as 2021 income or loss in the profit or loss statement as a result of the change in market value?Problem 20:Fastfoods Company acquired the following investments classified as trading securities on August 20, 2020:Jolibee sharesKFC shares400,000250,000300,000PMcDonald sharesOn December 31, 2020, the close of the year, these investments had the following market values:Jolibee sharesKFC shares450,000220,000310,000McDonald shares57. On February 23, 2021, Fastfoods company sold the KFC shares for P230,000. How much would berecognizedas gain/ (loss) on sale of securities on the sale of the KFC shares as a component of other comprehensiveincome?

In Financial Accounting the problem arises about unrealised gain or…

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Business

Accounting

ther co alue of port a lem 2

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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Question

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Problem 19:
56. On its December 31, 2020 balance sheet, Polo Company reported securities measured at fair value through
other comprehensive income. These securities were acquired at a cost P360,000 and had a year-end fair
value of P330,000. On December 31, 2021, the fair value of the securities was P350,000. What should Polo
report as 2021 income or loss in the profit or loss statement as a result of the change in market value?
Problem 20:
Fastfoods Company acquired the following investments classified as trading securities on August 20, 2020:
Jolibee shares
KFC shares
400,000
250,000
300,000
P
McDonald shares
On December 31, 2020, the close of the year, these investments had the following market values:
Jolibee shares
KFC shares
450,000
220,000
310,000
McDonald shares
57. On February 23, 2021, Fastfoods company sold the KFC shares for P230,000. How much would berecognized
as gain/ (loss) on sale of securities on the sale of the KFC shares as a component of other comprehensive
income?

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