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During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows: December 31, 2019---------P235,000 December 31, 2020---P240,000 December 31, 2021---------P222,000 How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?

During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows: December 31, 2019---------P235,000 December 31, 2020---P240,000 December 31, 2021---------P222,000 How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?

FINANCIAL ACCOUNTING
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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During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows: December 31, 2019---------P235,000 December 31, 2020----- --P240,000 December 31, 2021---------P222,000 How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?
Transcribed Image Text:During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows: December 31, 2019---------P235,000 December 31, 2020----- --P240,000 December 31, 2021---------P222,000 How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?
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