Nitrogen Trading has the following securities in its investment at Fair Value through Other Comprehensive Income....
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Nitrogen Trading has the following securities in its investment at Fair Value through Other Comprehensive Income. An analysis of the investments on December 31, 2019 showed the following: No. of shares Cost Market values NI Co. ordinary 600 shares 307,500 270,000 TRO Inc. ordinary 225 shares 76,500 90,000 GEN Co. ordinary 2,000 shares 269,500 280,600 On July 1, 2020, all shares of TRO were sold for P 70,000. On December 31, 2020, NI shares were quoted at P 440 per share; GEN shares were quoted at P 138 per share. How much is the unrealized gain or loss that should be reported in the Statement of Financial Position on December 31, 2020? 10,600 unrealized gain O 37,000 unrealized gain 10,600 unrealized loss 37,000 unrealized loss Nitrogen Trading has the following securities in its investment at Fair Value through Other Comprehensive Income. An analysis of the investments on December 31, 2019 showed the following: No. of shares Cost Market values NI Co. ordinary 600 shares 307,500 270,000 TRO Inc. ordinary 225 shares 76,500 90,000 GEN Co. ordinary 2,000 shares 269,500 280,600 On July 1, 2020, all shares of TRO were sold for P 70,000. On December 31, 2020, NI shares were quoted at P 440 per share; GEN shares were quoted at P 138 per share. How much is the unrealized gain or loss that should be reported in the Statement of Financial Position on December 31, 2020? 10,600 unrealized gain O 37,000 unrealized gain 10,600 unrealized loss 37,000 unrealized loss
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Answer 37000 unrealized loss Explanation Statement of Financial Position on December 31 2020 s... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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