On January 1, 2021, Eoeo Company acquired 16,000 shares of Fofo Corporation for P1,500,000. Commissions paid on the acquisition amounted to P15,000. Commission paid on the acquisition amounted to P15,000. On December 31, 2021, the market value per share of Fofo Company is P90. On December 31, 2022 the market value per share of Fofo's stock increases to P110. Required: Prepare all the necessary entries on 2021 and 2022 assuming the investments is 1. Financial Assets at Fair Value through Profit or Loss 2. Financial Assets at Fair Value through other Comprehensive Income
On January 1, 2021, Eoeo Company acquired 16,000 shares of Fofo Corporation for P1,500,000. Commissions paid on the acquisition amounted to P15,000. Commission paid on the acquisition amounted to P15,000. On December 31, 2021, the market value per share of Fofo Company is P90. On December 31, 2022 the market value per share of Fofo's stock increases to P110. Required: Prepare all the necessary entries on 2021 and 2022 assuming the investments is 1. Financial Assets at Fair Value through Profit or Loss 2. Financial Assets at Fair Value through other Comprehensive Income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education