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Acctg502 (AY 2018-2019; 1" Semester) Midterm Quiz 2 The Financial Asset at Fair Value through Profit or Loss portfolio of GENESIS Company show the following debt and equity securities: Security Cost Fair Value 200 ordinary shares of Corgi Co. 127,250 121,500 P400,000 Potty Co. 7% bonds 398,250 387,000 P600,DOD KeyTurn Co. 7.5% bonds 603,750 609,450 Totals 1,129,250 1,117,950 Interest dates on the bonds are January 1 and July 1. GENESIS uses the income approach to record the purchase of bonds with accrued interest. During 2018 and 2019, GENESIS completed the following transactions related to the financial assets at fair value through profit or loss: 2018 January 1 - Received semiannual interest on bonds. Assume that the appropriate adjusting entry was made on December 31, 2017. April 1 -Sold P300,000 of 7.5%% KeyTurn bonds at 102 plus accrued interest. Brokerage fees were P1,000. May 21 - Received dividend of P1.25 per share on the Corpi Co. shares. The dividend had not been recorded on the declaration date. July 1 - Received semiannual interest on bonds and then sold the 7%% Potty bands at 97 1. Brokerage fees were P1,250. August 15 - Purchased 100 shares of Newton, Inc. ordinary shares at P580 per share plus brokerage fees of P250, November 1-Purchased P250,000 of 8% Tall Co. bonds at 101 plus accrued interest. Brokerage fees were P625. Interest dates are January 1 and July 1. December 31 - Market prices of the securities were: Corgi Co. shares P550 KeyTum 7.5% bonds 101 % Tall 8% bonds 101 Newton, Inc. shares P583.75 2019 January 2 - Recorded the receipt of semiannual interest on bonds. February 1-Sold the remaining 7.5%% Key Turn bonds at 101 plus accrued interest, Brokerage fees were P1,500. Requirements: 6. What is the total interest and dividend income in 20182 7. What amount should be reported as gain on sale of financial asset at fair value through profit or loss in 2018