Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pompey Inc. carries the following marketable equity securities on its books at December 31, 2019 and 2020. All securities were purchased during 2019. Trading Securities:

Pompey Inc. carries the following marketable equity securities on its books at December 31, 2019 and 2020. All securities were purchased during 2019. Trading Securities:

Cost

Fair Value

12/31/19

12/31/20

P Company

500,000

260,000

400,000

R Company

260,000

400,000

400,000

T Company

700,000

600,000

500,000

Total

1,460,000

1,260,000

1,300,000

Financial asset @ FVOCI:

Cost

Fair Value

12/31/19

12/31/20

C Company

4,100,000

3,600,000

3,600,000

I Company

1,000,000

1,200,000

1,400,000

Total

5,100,000

4,800,000

5,000,000

The net amount to be recognized in 2020 comprehensive income is

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions