Anti Corp. purchased 10,000 shares of Pro Corp. at P60 per share. The shares represent less than 5% ownership in Pro Corp. The shares are classified at fair value through profit or loss. Fair value at December 31, Year 1 was P66. At the beginning of Year 2, Pro Corp. issued rights to purchase one ordinary share for every five rights submitted plus P50. Immediately after the rights were issued, the ordinary share was selling for P70 per share. REQUIRED: (a) Assume that all the rights were sold at the market price of P5. Give the entry to record this sale. (b) Assume that Anti Corp. exercised all the rights, when the market price of each Pro Corporation ordinary was P75. Give the entry to record the exercise of the rights and the valuation entry at year-end, assuming that each share of Pro Corporation sells at P78 at December 31

Anti Corp. purchased 10,000 shares of Pro Corp. at P60 per share. The shares represent less than 5% ownership in Pro Corp. The shares are classified at fair value through profit or loss. Fair value at December 31, Year 1 was P66. At the beginning of Year 2, Pro Corp. issued rights to purchase one ordinary share for every five rights submitted plus P50. Immediately after the rights were issued, the ordinary share was selling for P70 per share. REQUIRED: (a) Assume that all the rights were sold at the market price of P5. Give the entry to record this sale. (b) Assume that Anti Corp. exercised all the rights, when the market price of each Pro Corporation ordinary was P75. Give the entry to record the exercise of the rights and the valuation entry at year-end, assuming that each share of Pro Corporation sells at P78 at December 31

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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BOR Tutor - Solution Page 1 of 1 | Ha X A learn.hawkeslearning.com/Portal/Lesson/lesson_certify#! MSC SSO Login To Do Assignments. E Reading list E Apps BSA Violation Civil... Search FAQS for Indian Trib... CPAJ The Past, Present, a... CPAJ Fraud in a World of... You were asked to answer the following question: Consider a small photography studio with 8 workers and 5 printers. The total cost of labor and capital is $3,300. In order to reduce total operating costs, the owner leases 5 additional printers and fires 5 workers. After these changes, the salary of each worker increases by $30, the cost of using each of the printers (both new and old) remains constant, and the total cost of labor and capital decreases to $2,950. What is the cost of using one printer? The following answer is correct: First, calculate the new total quantities of workers and printers after the changes were made. New quantity of workers= 8-5= 3 workers New quantity of printers = 5 + 5 = 10 printers Assume that C,…
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7:27 f t < Session[1].docx - Word ✓ Qo 138 - 21 Paragraph O References Mailings Review View Help BLUEBEAM One day you're going to miss my boring texts ## TO Accessibility: Investigate Search Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year hoher webb ng Normal ||| No Spacing Styles Acrobat 2021 $ 980,000 3,020,000 1,000,000 648,000 Go to website O Heading 1 √ Calculate the amount will be reported for accounts receivable on the statement of financial position at December 31, 2022. 3. Accounts Receivable on the Statement of Financial Position at December 31, 2022 for Newton Corp.: Accounts Receivable is calculated as the cumulative billings to date minus the cumulative cash collected: Accounts Receivable at December 31, 2022 = Cumulative Billings- Cumulative Cash Collected Accounts Receivable at December 31, 2022 = ($1,000,000+ $1,000,000) - ($648,000+ $1,280,000) = $2,000,000 - $1,928,000 = $72,000 Therefore, the amount reported…
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