Question: Problem 3: On January 1, 2017 an entity purchases marketable securities of equity securities for P1,000,000. The entity paid commission and taxes of P100,000. The

Problem 3: On January 1, 2017 an entity purchases marketable securities

Problem 3: On January 1, 2017 an entity purchases marketable securities of equity securities for P1,000,000. The entity paid commission and taxes of P100,000. The entity made an irrevocable election to present unrealized gain or loss in other comprehensive income. On December 31, 2017, the securities have a market value of P1,300,000. Required: How much the Financial assets - FVOCI to be recognized upon purchased? How much realized gain to be reported statement of Comprehensive income December 31, 2017? How much unrealized gain to be reported at Statement of Comprehensive income December 31, 2017? How do we present the financial assets - FVOCI in the statement of financial position? Problem 3: On January 1, 2017 an entity purchases marketable securities of equity securities for P1,000,000. The entity paid commission and taxes of P100,000. The entity made an irrevocable election to present unrealized gain or loss in other comprehensive income. On December 31, 2017, the securities have a market value of P1,300,000. Required: How much the Financial assets - FVOCI to be recognized upon purchased? How much realized gain to be reported statement of Comprehensive income December 31, 2017? How much unrealized gain to be reported at Statement of Comprehensive income December 31, 2017? How do we present the financial assets - FVOCI in the statement of financial position

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