Problem 3. On January 1, 2023, Prudent & Cautious Company purchased equity securities for P12,000,000 to be measured at fair value through other comprehensive income. The entity also paid commission, taxes, and other transaction costs amounting to P250,000. The securities had a market value of P12,810,000 on December 31, 2023 and P11,950,000 on December 31, 2024. 12,250,000 0 -300,000 At what amount should the Financial Asset - FVOCI be recorded on acquisition date? (2,250,000 How much is the unrealized gain/(loss) to be reported in income statement on December 31, 2023? 560,00 How much is the unrealized gain/(loss) to be reported in statement of changes in equity on December 31, 2024?
Problem 3. On January 1, 2023, Prudent & Cautious Company purchased equity securities for P12,000,000 to be measured at fair value through other comprehensive income. The entity also paid commission, taxes, and other transaction costs amounting to P250,000. The securities had a market value of P12,810,000 on December 31, 2023 and P11,950,000 on December 31, 2024. 12,250,000 0 -300,000 At what amount should the Financial Asset - FVOCI be recorded on acquisition date? (2,250,000 How much is the unrealized gain/(loss) to be reported in income statement on December 31, 2023? 560,00 How much is the unrealized gain/(loss) to be reported in statement of changes in equity on December 31, 2024?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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