Transitory Company acquired the following equity securities:December 31, 2022Moon CompanyStar CompanySun CompanyDecember 31, 2023Moon CompanyStar CompanySun CompanyStatement of Financial PositionInvestments - FVOCIStatement of EquityOther Comprehensive IncomeRetained earningsStatement of Other Comprehensive IncomeUnrealized gain / (loss)[a][d][g]CostThe equity securities do not qualify as held for trading.The entity has elected irrevocably to present changes in fair value in other comprehensive income.Requirement: Complete the table below. Write zero (0) if it is not applicable.Acquisition Date[]200,000400,000600,000200,000400,000600,000Market120,000280,000650,000220,000300,000580,000December 31, 2022[b][e][h][k]December 31, 2023[c][U]D[1]

Statement of financial position A statement of financial position is frequently used to evaluate a…

Transitory Company acquired the following equity securities: December 31, 2022 Moon Company Star Company Sun Company December 31, 2023 Moon Company Star Company Sun Company Cost 200,000 400,000 600,000 200,000 400,000 600,000 Market 120,000 280,000 650,000 220,000 300,000 580,000 The equity securities do not qualify as held for trading. The entity has elected irrevocably to present changes in fair value in other comprehensive income.

Transitory Company acquired the following equity securities: December 31, 2022 Moon Company Star Company Sun Company December 31, 2023 Moon Company Star Company Sun Company Cost 200,000 400,000 600,000 200,000 400,000 600,000 Market 120,000 280,000 650,000 220,000 300,000 580,000 The equity securities do not qualify as held for trading. The entity has elected irrevocably to present changes in fair value in other comprehensive income.

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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5. In 2020, the entity purchased the following equity securities for the purpose of selling them in the near term. 12/31/2021 P1,920,000 Fair Values 6/30/2022 P1,800,000 Cost P2,000,000 On June 30, 2022, the entity transferred its investment to financial assets at FVTOCI because of a rare circumstance (arising from a single event that is unusual and highly unlikely to recur in the near term). 12/31/2022 P1,720,000 What amount should the entity report as unrealized loss in its 2022 profit or loss? a. P200,000 b.P120,000 c. P80,000 d.PO
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