On August 15, 2019, Orion Co. purchased 100,000 ordinary shares of Hercules Co. at P25 per share. Costs directly attributable to the purchase of the shares amounted to P100,000. At the end of the year, Hercules's shares had a fair value of P28 per share. At the end of 2020, Hercules's shares had a fair value of P27 per share. On August 15, 2021, Orion sold all of its shares in Hercules Co. at P29 per share, the fair value of Hercules's shares on this date. Prepare the journal entries in the books of Orion given the following independent assumptions: 1. SEPARATE JOURNAL ENTRIES for shares classified as Financial Asset at Fair Value through Profit or Loss (P/L) & Fair Value through Other Comprehensive Income (OCI

On August 15, 2019, Orion Co. purchased 100,000 ordinary shares of Hercules Co. at P25 per share. Costs directly attributable to the purchase of the shares amounted to P100,000. At the end of the year, Hercules's shares had a fair value of P28 per share. At the end of 2020, Hercules's shares had a fair value of P27 per share. On August 15, 2021, Orion sold all of its shares in Hercules Co. at P29 per share, the fair value of Hercules's shares on this date. Prepare the journal entries in the books of Orion given the following independent assumptions: 1. SEPARATE JOURNAL ENTRIES for shares classified as Financial Asset at Fair Value through Profit or Loss (P/L) & Fair Value through Other Comprehensive Income (OCI

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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