What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000None of the choices You were engaged for the first time to audit WHITE Corporation's financial statements as of and forthe period ended December 31, 2019. In the course of your audit, you were able to extract the ledgerfor its financial asset at fair value through profit or loss account, with the following transactions:DebitCreditBalanceFebruary 8, 2017November 15, 2017December 31, 20191,100,0001,100,0001,000,0001,500,000100,000500,000Audit notes:On February 8, 2017, WHITE purchased 100,000 shares of BLACK, Inc. for P10 per share.The shares represent 10% interest in BLACK, Inc.P500,000, which was capitalized by the entity.On November 15, 2017, the company received P1 per share dividend, which was recorded asa credit to the investment account. In 2018 and 2019, the entity received P2 per sharedividend, which were both correctly recorded as dividend income.The fair value of BLACK, Inc.'s shares as of December 31, 2017, December 31, 2018, andDecember 31, 2019, are P16, P12, and P15, respectively. Only in 2019 did the entity providean entry for the change in fair value, debiting the investment account (as shown above) andcrediting unrealized holding gain - profit/loss.Broker's fees paid by WHITE total to

Name: What is the adjusting journal entry on December 31, 2019? Debit Unreal
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000Debit Retained Earnings, P100,000;