During 2019, HCC Company acquired marketable equity securities intended for trading. For the year ended December 31, 2019 the entity recognized an unrealized loss of P100,000. There were no transactions relating to trading securities during 2020. HCC Company provided the following information on December 31, 2020: Security cost market value 1 1,970,000 2,100,000 2 1,100,000 1,500,000 3,070,000 3,600,000 In the 2020 income statement, what amount should be reported as unrealized gain?
During 2019, HCC Company acquired marketable equity securities intended for trading. For the year ended December 31, 2019 the entity recognized an unrealized loss of P100,000. There were no transactions relating to trading securities during 2020. HCC Company provided the following information on December 31, 2020: Security cost market value 1 1,970,000 2,100,000 2 1,100,000 1,500,000 3,070,000 3,600,000 In the 2020 income statement, what amount should be reported as unrealized gain?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2019, HCC Company acquired marketable equity securities intended for trading.
For the year ended December 31, 2019 the entity recognized an unrealized loss of P100,000.
There were no transactions relating to trading securities during 2020.
HCC Company provided the following information on December 31, 2020:
| Security | cost | market value |
| 1 | 1,970,000 | 2,100,000 |
| 2 | 1,100,000 | 1,500,000 |
| 3,070,000 | 3,600,000 |
In the 2020 income statement, what amount should be reported as unrealized gain?
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