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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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
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