Question
During 2019, INC Corporation purchased trading securities with the following costs and market values on December 31, 2019: Security Cost Market Value A 1,000
During 2019, INC Corporation purchased trading securities with the following costs and market values on December 31, 2019:
Security | Cost | Market Value |
A – 1,000 shares | P200,000 | P300,000 |
B – 10,000 shares | 1,700,000 | 1,600,000 |
C – 20,000 shares | 3,100,000 | 2,900,000 |
The entity sold 10,000 shares of Security B on January 15, 2020 for P150 per share.
- What amount of unrealized gain or loss should be reported in the income statement for 2019?
- What amount should be reported as gain or loss on sale of trading investment in 2020?
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Step: 1
A An unrealized gain loss is occured if the current price of a security is ...
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
