ABC, Inc. began business on January 1, 2002, and at December 31, 2002, ABC had the...

  

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ABC, Inc. began business on January 1, 2002, and at December 31, 2002, ABC had the following investment portfolios of equity securities: " Aggregate cost Aggregate fair value Profit or loss 70,000, Equity 0 Profit or loss 40,000, Equity 30,000 FVPL P150,000 120,000 Profit or loss 30,000, Equity 40,000 Profit or loss 0, Equity 70,000 None of the declines is judged to be other than temporary. Unrealized losses at December 31, 2002, should be recorded with corresponding charges against FVOCI P225,000 185,000 125x 1 point investment in debt securities ABC, Inc. began business on January 1, 2002, and at December 31, 2002, ABC had the following investment portfolios of equity securities: " Aggregate cost Aggregate fair value Profit or loss 70,000, Equity 0 Profit or loss 40,000, Equity 30,000 FVPL P150,000 120,000 Profit or loss 30,000, Equity 40,000 Profit or loss 0, Equity 70,000 None of the declines is judged to be other than temporary. Unrealized losses at December 31, 2002, should be recorded with corresponding charges against FVOCI P225,000 185,000 125x 1 point investment in debt securities