Supporting records of Mayan Corporation's trading securities portfolio show the following debt and equity securities SECURITY COST FAIR VALUE 200 ordinary shares Concave Co P 127,250 121,500 P 400,000 Tipo Co 7 bonds 398,250 387,000 P 600,000 Turkey Co 7 1 bonds 603 750 609 450 Totals P 1 129 250 P 1 112 950 Interest dates on the bands are January 1 and July 1 Mayon Corporation uses the income approach to record the purchase of bonds with accrued interest During 2012 and 2013, Mayon completed the following transactions related to trading securities 2012 Jan 1 Received semiannual interest on bonds Assume that the appropriate adjusting entry was made on Dec 31, 2011 April 1 Sold P 300,000 of 7 1 2 Turkey bands at 102 plus accrued interest Brokerage fees were P1,000 May 21 Received dividend of P 1 25 per share on the Concave ordinary share capital The dividend had not been recorded on the declaration date July 1 Received semiannul interest on bonds and then sold the 7 Tipo bonds at 97 1 2 Brokerage fees were P1,250 Aug 15 Purchased 100 shares of Newman, Inc ordinary share capital at PS80 per share plus brokerage fees of P250 Nov 1 Purchased P250,000 of 8 Toll Co bands at 101 plus accrued interest Brokerage fees were P625 Interest dates are January 1 and July 1 Dec 31 Market prices of securities were Concave ordinary shares PS50 7 1 2 Turkey bonds 101 2013 Jan 2 Recorded the receipt of semiannual interest on bonds Feb 1 Sold the remaining 7 1 2 Turkey bonds at 101 plus accrued interest Brokerage fee were P1,500

Question

Supporting records of Mayan Corporation's trading securities portfolio show the following debt and equity securities  SECURITY COST FAIR VALUE 200 ordinary shares Concave Co  P 127,250 121,500 P 400,000 Tipo Co  7  bonds 398,250 387,000 P 600,000 Turkey Co  7 1    bonds 603 750 609 450 Totals P 1 129 250 P 1 112 950 Interest dates on the bands are January 1 and July 1  Mayon Corporation uses the income approach to record the purchase of bonds with accrued interest  During 2012 and 2013, Mayon completed the following transactions related to trading securities  2012 Jan  1 Received semiannual interest on bonds  Assume that the appropriate adjusting entry was made on Dec  31, 2011  April 1 Sold P 300,000 of 7 1 2   Turkey bands at 102 plus accrued interest  Brokerage fees were P1,000  May 21 Received dividend of P 1 25 per share on the Concave ordinary share capital  The dividend had not been recorded on the declaration date  July 1 Received semiannul interest on bonds and then sold the 7  Tipo bonds at 97 1 2   Brokerage fees were P1,250  Aug  15 Purchased 100 shares of Newman, Inc  ordinary share capital at PS80 per share plus brokerage fees of P250  Nov  1 Purchased P250,000 of 8  Toll Co  bands at 101 plus accrued interest  Brokerage fees were P625  Interest dates are January 1 and July 1  Dec  31 Market prices of securities were  Concave ordinary shares PS50 7 1 2   Turkey bonds 101  2013 Jan  2 Recorded the receipt of semiannual interest on bonds  Feb  1 Sold the remaining 7 1 2   Turkey bonds at 101 plus accrued interest  Brokerage fee were P1,500

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Supporting records of Mayan Corporation's trading securities portfolio show the following debt and equity securities: SECURITY COST FAIR VALUE 200 ordinary shares Concave Co. P

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