Question: Topic: Financial Asset at fair values. Direction: Use the problem in solving the requirements, and PREPARE THE JOURNAL ENTRIES FOR 2014 AND 2015 REINFORCEMENT ASSIGNMENT

Topic: Financial Asset at fair values.

Direction: Use the problem in solving the requirements, and PREPARE THE JOURNAL ENTRIES FOR 2014 AND 2015

REINFORCEMENT ASSIGNMENT DIRECTION: Use the problem in solving the following requirements Inspiration Company had trading and nontrading investments held throughout 2014 and 2015. The nontrading investments are measured at fair value through other comprehensive income. The investments had a cost of P3>000,000 for trading and P3,000,000 for nontrading. The investments had the following fair value at year-end: December 31, 2014 December 31, 2015 Trading 4,000,000 3,800,000 Nontrading 3,200,000 3,700,000 Prepare all journal entries for 2014 and 2015

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