Aborgine Company reported the following accounts in the Statement of Financial Position on January 1, 2020:...
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Aborgine Company reported the following accounts in the Statement of Financial Position on January 1, 2020: Noncurrent assets Financial asset - FVOCI 4,000,000 Market adjustment for unrealized loss (500,000) Market value 3,500,000 Other comprehensive income Unrealized loss (500,000) An analysis of the investment portfolio revealed the following XYZ ordinary share 1,000,000 ABC ordinary share 2,500,000 RST preference share 500,000 4,000,000 On July 1, 2021, the ABC ordinary share was sold for P2,100,000. On December 31, 2021, the remaining investments have the following market value: XYZ ordinary share RST preference share Requirement: Complete the table below. Write zero (0) if it is not applicable. January 1, 2020 Statement of Financial Position Investments - FVOCI Statement of Equity Other Comprehensive Income Retained earnings Statement of Other Comprehensive Income Unrealized gain/(loss) December 31, 2020: Cost Market 1,200,000 2,000,000 200,000 3,400,000 1,000,000 150,000 December 31, 2020 December 31, 2021 Aborgine Company reported the following accounts in the Statement of Financial Position on January 1, 2020: Noncurrent assets Financial asset - FVOCI 4,000,000 Market adjustment for unrealized loss (500,000) Market value 3,500,000 Other comprehensive income Unrealized loss (500,000) An analysis of the investment portfolio revealed the following XYZ ordinary share 1,000,000 ABC ordinary share 2,500,000 RST preference share 500,000 4,000,000 On July 1, 2021, the ABC ordinary share was sold for P2,100,000. On December 31, 2021, the remaining investments have the following market value: XYZ ordinary share RST preference share Requirement: Complete the table below. Write zero (0) if it is not applicable. January 1, 2020 Statement of Financial Position Investments - FVOCI Statement of Equity Other Comprehensive Income Retained earnings Statement of Other Comprehensive Income Unrealized gain/(loss) December 31, 2020: Cost Market 1,200,000 2,000,000 200,000 3,400,000 1,000,000 150,000 December 31, 2020 December 31, 2021
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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