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Walsh, Inc. began business on January 1, 2002, and at December 31, 2002, Walsh had the following investment portfolios of equity securities:   FVPL FVOCI Aggregate cost ₱150,000 ₱225,000 Aggregate fair value   120,000   185,000   None of the declines is judged to be other than temporary. Unrealized losses at December 31, 2002, should be recorded with corresponding charges against         Profit or loss      Equity          Profit or loss        Equity 70,000   0             30,000            40,000 40,000 30,000                       0           70,000

Walsh, Inc. began business on January 1, 2002, and at December 31, 2002, Walsh had the following investment portfolios of equity securities:   FVPL FVOCI Aggregate cost ₱150,000 ₱225,000 Aggregate fair value   120,000   185,000   None of the declines is judged to be other than temporary. Unrealized losses at December 31, 2002, should be recorded with corresponding charges against         Profit or loss      Equity          Profit or loss        Equity 70,000   0             30,000            40,000 40,000 30,000                       0           70,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. Walsh, Inc. began business on January 1, 2002, and at December 31, 2002, Walsh had the following investment portfolios of equity securities:

 

FVPL

FVOCI

Aggregate cost

₱150,000

₱225,000

Aggregate fair value

  120,000

  185,000

 

None of the declines is judged to be other than temporary. Unrealized losses at December 31,

2002, should be recorded with corresponding charges against

        Profit or loss      Equity          Profit or loss        Equity

  1. 70,000   0             30,000            40,000
  2. 40,000 30,000                       0           70,000

 

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