Answered: What is the amount of gain (loss) on…

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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13.

The following data were available for the portfolio of investment in stocks during 20X2:

Cost Fair value (12/31/20X1) Fair Value (12/31/20X2)

ABC 100,000 80,000 110,000

LMN 80,000 30,000 40,000

QRS 60,000 70,000 60,000

All the shares of ABC were sold on January 20X3 for P41,200 and incurred P1,200 transaction costs. What is the amount of gain (loss) on Dec 31, 20X1, Dec 31, 20X2 and Jan 20X3 respectively?

(60,000); 30,000 ; (70,000)

(60,000); (30,000); (20,000)

(60,000); 30,000; (60,000)

(60,000); 30,000; 30,000

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