North Ltd acquired $100,000 of shares in South Ltd for trading purposes on 1 January 20X3.Transaction costs of $2,000 were incurred.The fair value of the shares at 31 December 20X3 was $120,500.Choose the account names and calculate the amount that correctly account for this investment on 31 December 20X3 (amountfor the credit entry is not required).ENTER YOUR ANSWER IN "Amount" WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BESHOWN AS 1000000; -$1,000,000 SHOULD BE SHOWN AS -1000000).DrCrFinancial assetExpenseCashPle Gain in FV-OCIFinancial liabilityGain in FV-P&L◆AmountAmount not requiredof the question.

A finanical asset is measured at fair value through profit and loss if it held for trading. The…

Answered: WHOLE NUMBERS WITH NO COMMAS OR DOL…

Business

Accounting

WHOLE NUMBERS WITH NO COMMAS OR DOL SHOULD BE SHOWN AS -1000000). t required

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

North Ltd acquired $100,000 of shares in South Ltd for trading purposes on 1 January 20X3.
Transaction costs of $2,000 were incurred.
The fair value of the shares at 31 December 20X3 was $120,500.
Choose the account names and calculate the amount that correctly account for this investment on 31 December 20X3 (amount
for the credit entry is not required).
ENTER YOUR ANSWER IN "Amount" WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BE
SHOWN AS 1000000; -$1,000,000 SHOULD BE SHOWN AS -1000000).
Dr
Cr
Financial asset
Expense
Cash
Ple Gain in FV-OCI
Financial liability
Gain in FV-P&L
◆
Amount
Amount not required
of the question.

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