Fill in the blanks: Blackknight Corp. purchased the following held for trading investments during 2020: ABC shares, cost P900,000 DEF shares, cost P 1,000,000 The market values of the above shares were P1,000,000 and P1,600,000 respectively. The entity sold all of DEF shares by the middle of 2021 for P1,100,000. the market value of ABC shares on December 31, 2021 is P600,000. How much loss on the trading securities should be reported in the income statement for 2021
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- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossWaseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.Fill in the blanks: On January 1, 2020 Iskrambol Company purchased 20% of lce Buko Company's ordinary shares for P3,000,000.00. During 2020, Ice Buko reported a net income of P3,500,000.00 and paid a cash dividends of P2,000,000.00 on its ordinary shares. Compute a Investment Income for 2020 The balance of "Investment in associale" as of 12.31.2020 ( Previous 23 f
- On January 1, 2020, Alice Company purchased 40,000 shares of Jasper at P100 per share. The investment is measured at fair value through other comprehensive income. Brokerage fees amounted to P120,000. A P5 dividend per share of Jasper had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. No other transactions occurred in 2020 affecting the investment in Jasper's share. What is the initial measurement of the investment?Henesto Company's investment account has the following transaction during the year: Jan. 10, 2020 Acquired the following investments at a lump sum price ofP1,000.000: ABC Company - 1,000 shares (par value, P80; market price is P100 per share) DEF Corporation - 5,000 shares (par value, P100; market price is P105 per share) GHI Company - 5,000 shares (par value, P70; the market price is P75 per share) Henesto Company paid 1% of the price as the broker's fee. Henesto Company classified all the above securities as trading securities. Dec. 31, 2020 The following are the fair values of the investment at year-end: ABC Company - P105 per share DEF Corporation- P99 per share GHI Company - P78 per share June 1, 2021 Henesto Company sold 500 shares of ABC Company at P115 per share. Sept. 1, 2021 The company purchased 2,000 shares of JKL Company for P300,000. The par value of the JKL share is P160. The company paid 1% of its price as a broker's fee. The company classified this investment at…During 2021, Lavida Loca Company purchased trading securities with the following cost and market value on December 31, 2021. Cost Market value A 300,000 400,000 B 1,500,000 1,700,000 C 3,800,000 3,900,000 The entity sold Investment C on January 10, 2022 for P 4,000,000 What is the unrealized gain or loss should be reported in the income statement for 2021? a. 100,000 gain b, 100,000 loss c. 400,000 gain d. 400,000 loss
- During 2024, R2D2 Company purchased 10,000 shares of Goliath, Inc. for $30 per share and classified it as a trading security. During the year, R2D2 Company sold 2,500 shares of Goliath for $35 per share. At December 31, 2024, the market price of Goliath’s stock was $28 per share. What is the unrealized gain/(loss) that R2D2 will report in its income statement for the year ended December 31, 2024 for the investment in Goliath stock?During 2022, ABC Corp. acquired 500 shares of XYZ stock at P30 per share. ABC accounted for the stock as FVOCI financial assets. The market price per share of ABC's stock as of December 31, 2022 and 2023. is P22.50 and P39.50, respectively. US sa fes 1. How much-unrealized gain or loss on long-term investments should ABC report on its December 31, 2022, statement of comprehensive income? Use negative sign for the unrealized rences orations loss 2.How much unrealized gain.orloss on long-term investments should ABC report on its December 31, 2022, stockholders equity? Use negative sign for the unrealized loss 3. How much-unrcalized gain or loss on long-term investments should ABC report on its December 31. 2023. statement of comprehensive income? Use negative sign for the unrealized loss 4. How much-unrealized gain or loss on long term investments should ABC report on its December 31, 2023, stockholders equity? Use negative sign for the unrealized lossDuring 2020, Sheridan Company purchased 85000 shares of Pina Corporation common stock for $1310000 as an equity investment. The fair value of these shares was $1245000 at December 31, 2020. Sheridan sold all of the Pina stock for $17 per share on December 3, 2021, incurring $61000 in brokerage commissions. Sheridan Company should report a realized gain on the sale of stock in 2021 of $200000. $135000. $74000. $139000.
- During 2020, Maria Company purchased trading securities with the following cost and market value on December 31, 2020: Security Cost Market Value A - 1,000 shares 200,000 300,000 B - 10,000 shares 1,700,000 1,600,000 C - 20,000 shares 3,100,000 2,900,000 5,000,000 4,800,000 The entity sold 10,000 shares of Security B on January 27, 2021, for P150 per share. What amount should be reported as gain or loss on sale of trading investment in 2021?In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVPL, how much is the unrealized gain in 2021?In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVOCI, how much is the net effect on retained earnings in 2022?