13. What is the realized gain on sale of ABC ordinary shares in 2019, under PAS 39? a. P 144,000 b. P 171,000 c. P 190,000 d. P 0 14. What is the realized gain on sale of ABC ordinary shares in 2019, under PFRS 9? b. P 144,000 b. P 171,000 c. P 190,000 d. P 0 15. What is the unrealized holding gainiloss to be reported in the stockholders' equity portion in the 2019 statement of financial position under PAS 39? a. P 76,800 b. P 56,400 0. P 46,000 d. P 66,400 16. Assuming that the company elected to report gains/loss in the prot or losses instead, what is the unrealized holding gain or loss to be reported in the 2019 statement of comprehensive income? a. P 76,800 b. P 56,400 c. P 46,000 d. P 66,400 17. Assuming that the JKL shares represents 20% interest in the JKL's outstanding shares, what is the carrying value of investment in JKL shares? a. P 412,250 b. P 382,250 c. P 371,850 d. P 401,850 80. we will use Associate now: 23. In relation to item no. 59 above, what is the net carrying value of the investment at December 31, 2014? a. P 2,592,000 b. P 2,712,000 0. P 2,560,000 d. P 2,472,000 Problem 4 On January 4, 2014, Isuzu Corp. paid P 2,592,000 for 40,000 shares of Suzuki Inc. ordinary shares. The book value of Suzuki's assets was P 6,400,000 on the date of acquisition. The investment represents a 30% interest in the net assets of Suzuki Inc. and gave Isuzu the ability to exercise significant influence over Suzuki. Isuzu received dividends of P 6 per share on December 4, 2014, and Suzuki reported net income of P 1,280,000 for one year ended, December 31, 2014. The market value of Suzuki's shares at December 31, 2014 was P 64 per share with the cost to sell at minimal amount. You also ascertained the following information: On January 4, 2014, the fair value of Suzuki's depreciable assets, with an average remaining life of 8 years, exceeded their book value by P 640,000. The remainder of the excess of the cost of the Investment over the book value of net assets purchased was attributed to an unidentifiable asset. 18. What amount of investment is attributable to goodwill? a. P 480,000 b. P 192,000 C. P 672,000 d. P 288,000 19. What amount of investment income to be reported by Suzuki's income statement for the year ended, December 31, 2014? a. P 240,000 b. P 216,000 C. P 360,000 d. P 384,000 20. What is the carrying value of the Investment in Suzuki's ordinary shares on December 31, 2014? a. P 2,560,000 b. P 2,712,000 C. P 2,592,000 d. P 2,736,000 21. What totalet amount should be reported in Suzuki's income statement for the year ended December 31, 2014? a. P 240,000 b. P 208,000 C. P 60,000 d. P 180,000 22. Assuming that the company had no significant influence over Suzuki despite of the proportionate ownership, what totalet amount should be reported in Suzuki's income statement for the year ended December 31, 2014? a. P 240,000 b. P 208,000 C. P 60,000 d. P 180,000Problem 2 Benshoppe Inc. had the following portfolio of financial assets as of December 31, 2014. All the financial assets were acquired In 2014: Financial Assets Cost Aye Corporation stock, 20,000 shares P 590,000 Bee Inc. Stocks, 40,000 shares 1,100,000 Gas Co 10%, P2M bonds 1,973,000 Dee Corp. Stocks. 50,000 shares 2,400,000 Additional Notes: a. Aye Corporation shares were acquired with the intention of generating short term profits from the shares' price uctuation. The company paid P 29.50 per share, which included the P .50 per share broker's fees and commissions. The shares were acquired on February 20, 2014. A P 2 per share cash dividends were received on March 30. These dividends were declared by Aye Corporation. On January 20, 2014 to stockholders as of record date March 1, 2014. b. The company paid P 27.50 per shares, including P 0.50 per share broker's fee on the acquisition of Bee, Inc. on March 1, 2014. These shares were acquired for trading purposes. A P 3 per share dividend were received from the said shares on May 3, 2014. These dividends were declared on April 1 to stockholders' as of record date April 20. c. Cee Co. bonds which pay semiannual interest every June 30 and December 31, were acquired on October 1, 2014 at P 1,973,000, when the prevailing intertest rate on similar instruments was 12%. The bonds shall mature on December 31, 2016. The company has a business model of hotding debt securities for short term profits. d. Dee Corporation stocks were acquired P 48 per share, inclusive of a P 3 per share broker's fees and commission 3 on June 30, 2014. Dee Corporation has a total of P 200,000 shares outstanding on the same date. The company received P 5 dividends per share from Dee Corporation on December 20, 2014. e. The following were deemed relevant at year end, and no entries had been made yet by the company to reflect any of the following information: Aye Corporation Bee, Incorporation Gas Corporation Dee Corporation Net Income, 2014 P 1,200,000 P 1,500,000 P 2,000,000 P 2,240,000 Fair Value P 35/share P 25.\" share 11 \"A: P 51fshare 7. What is the unrealized holding gains/loss to be reported in the 2014 statement of comprehensive income? a. P 1,948 b. P 51,948 0. P 121,948 d. P 122,750 COMPREHENSIVE EXERCISES ON EQUITY P rob tom 1 Equity Securities of another company where no control nor significant influence exists. The company elected P to report gains and losses in the prot and loss 100,000 Equity Securities of another company where no control nor signicant inuence exists. The company elected 150.000 to report gains and losses in the other comprehensive inoorner'loss 20% Equity securities of another company quoted in an active market 500.000 51% Equity securities of another company quoted in an active market 1,400,000 Equity securities of the company quoted in an active market reacquired with the intention of reissuance in 500.000 the latter period for short term prot Debt security of another company quoted in an active market. Business model of the company has an 100.000 objective to hold debt securities for short term prots Debt security of another company quoted in an active market. Business model of the company has an 500,000 objective of collecting contractual cash ows from the bonds which are primarily in the form of interest and principal Real Property held for sale in the normal course of business 500.000 Real Property held for speculation purposes 700,000 Real Property held as a current factory site 1,000.000 Real Property of a manufacturing business being teased out to another party under operating lease 900,000 Land held for undetermined future purpose 800.000 Land held to be used as a future plant site 400.000 Real Estate being developed as an investment property 300.000 Given the list of securities and other assets that may qualify as investment. 1. How much from the list above is to be considered as nancial asset at fair value through profits or loss? a. P 0 b. P 100,000 c. P 200,000 d. P 500,000 2. How much from the list above is to be considered as nancial asset at fair value though OCI? a. P 150,000 b. P 180,000 c. P 200,000 d. P 350,000 3. How much from the list above is to be categorized as investment at amortized cost? a. P 0 b. P 500,000 c. P 600,000 d. P 750,000 4. How much from the list above is to be categorized as investment in associate? a. P 0 b. P 500,000 c. P 600,000 d. P 700,000 5. How much from the list above is to be categorized as investment in subsidiary? a. P 0 b. P 1,000,000 0. P 1,200,000 d. P 1,400,000 6. How much from the list above is to be categorized as investment property? a. P 2,400,000 b. P 2,700,000 0. P 2,800,000 d. P 3,100,000 8. What is the carrying value of investment that should be presented as current assets? a. P 3,665,750 b. P 3,543,000 c. P 3,664,948 d. P 2,765,250 9. What is the carrying value of investment that should be presented as noncurrent assets? a. P 2,280,000 b. P 2,150,000 0. P 2,430,000 d. P 2,550,000 10. What is the total amount that should be recognized in the income statement in relation the investment? 21. P 261,948 b. p 541,948 c. P 571,948 d. P 542,750 11. Assuming the company's business model regarding debt securities has an objective of collecting contractual cash flows, what is the carrying value of investment that should be presented as noncurrent? a. P 4,394,948 b. P 4,362,390 c. P 4,395,750 d. P 4,360,690 12. Assuming the company's business model regarding debt securities has an objective of collecting contractual cash flows, how much in total should be presented in the income statement in relation to the investments? a. P 461,948 b. P 525,750 c. P 537,690 d. P 507,690 Problem 3 Mariah Corporation has the following non-trading equity securities on December 31, 2018: Securities No. of Shares Costs Fair Value, 12.31.18 ABC ordinary shares 9.000 P 441,000 P 46 per share DEF ordinary shares 30,000 1,080,000 P 35 per share GHI preference shares 2,400 360,000 P 154 per share Additional Notes: a. The above securities were all bought in 2018. On the initial recognition, Mariah made an irrevocable election to present gain/loss on the said securities to other comprehensive income. b. On April 1, 2019, the company sold all of the ABC ordinary shares for P 65 per share. 0. On May 1, 2019, the company purchased 4,200 ordinary shares of JKL Corp. at P 75 per share. The company incurred broker's fees amounting to P 10,400. d. The following additional information in 2019 were deemed relevant: Investment Dividend declared Reported Net Income Fair Values per 12.31.19 share,12.31.19 ABC ordinary shares P 2 per share P 900.000 P 62 per share DEF ordinary shares P 1.50 per share P 1,300,000 P 38 per share GHI preference shares P 1.00 per share P 750,000 P 145 per share JKL ordinary shares P 0.75 per share P 450.000 P 77 per share