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On January 1, 2020 Excellence Company made various investments in trading securities with the following cost and market value on December 31, 2020: Cost Market
On January 1, 2020 Excellence Company made various investments in trading securities with the following cost and market value on December 31, 2020: Cost Market value One preference share 200,000 150,000 Two ordinary share 800,000 950,000 Three ordinary share 1,000,000 1,100,000 On January 20, 2021, the Two ordinary share is sold for P1,020,000. On December 31, 2021, the remaining trading securities have the following Market value: Market value One preference share 200,000 Three ordinary share 1,070,000 Required: a.) Gain on sale on January 20, 2021 b.) Unrealized gain or loss be reported to the Income Statement for the Year- ended December 31, 2021
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