33. On December 31, 2018, Calm Company appropriately reported P80, 000 unrealized loss in OIC for equity securities measured irrevocably at FVOCI. Security Cost Fair value at 12/31/19 X 1, 250, 000 1, 600, 000 Y 1, 000, 000 950, 000 Z 1, 750, 000 1, 250, 000 What amount of unrealized loss is recognized in the 2019 statement of changes in equity? a.280,000 b.200,000 c.120,000 d.0

33. On December 31, 2018, Calm Company appropriately reported P80, 000 unrealized loss in OIC for equity securities measured irrevocably at FVOCI. Security Cost Fair value at 12/31/19 X 1, 250, 000 1, 600, 000 Y 1, 000, 000 950, 000 Z 1, 750, 000 1, 250, 000 What amount of unrealized loss is recognized in the 2019 statement of changes in equity? a.280,000 b.200,000 c.120,000 d.0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

See similar textbooks

Similar questions

During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
Waseca Company had 5 convertible securities outstanding during all of 2019. It paid the appropriate interest (and amortized any related premium or discount using the straight line method) and dividends on each security during 2019. Each of the convertible securities is described in the following table: Additional data: Net income for 2019 totaled 119,460. The weighted average number of common shares outstanding during 2019 was 40,000 shares. No share options or warrants arc outstanding. The effective corporate income tax rate is 30%. Required: 1. Prepare a schedule that lists the impact of the assumed conversion of each convertible security on diluted earnings per share. 2. Prepare a ranking of the order in which each of the convertible securities should be included in diluted earnings per share. 3. Compute basic earnings per share. 4. Compute diluted earnings per share. 5. Indicate the amount(s) of the earnings per share that Waseca would report on its 2019 income statement.
33. On December 31, 2018, Calm Company appropriately reported P80, 000 unrealized loss in OIC for equity securities measured irrevocably at FVOCI. Security Cost Fair value at 12/31/19 X 1, 250, 000 1, 600, 000 Y 1, 000, 000 950, 000 Z 1, 750, 000 1, 250, 000 What amount of unrealized loss is recognized in the 2019 statement of changes in equity?
22. During 2022, Haggard Company purchased marketable equity securities for P 1,850,000 to be held as trading investments. In 2022, the entity appropriately reported an unrealized loss of P 200,000 in the income statement. There was no change during 2022 in the composition of the portfolio of trading securities. Pertinent data on December 31, 2023 are: Security Cost Market value Inc (Dec) A 600,000 700,000 100,000 B 450,000 400,000 (50,000) C 800,000 900,000 100,000 Net Increase 150,000 What amount of unrealized gain on these securities should be included in the 2021 income statement?
Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?
On December 31, 2019, Belle Company appropriately reported a P100,000 unrealized loss. There was no change in 2020 in the composition of Belle’s portfolio of Investments in equity securities held as financial asset at fair value through other comprehensive income. Pertinent data are as follows: Security Cost Market value December 31, 2020 A 1,200,000 1,300,000 B 900,000 500,000 C…
Sandhill Company's equity securities portfolio which is appropriately included in current assets is as follows: December 31, 2021 Cost Fair Value UnrealizedGain (Loss) Catlett Corp. $220000 $183000 $-37000 Lyman, Inc. 209000 225000 16000 $429000 $408000 $-21000 Ignoring income taxes, what amount should be reported as a charge against income in Sandhill's 2021 income statement if 2021 is Sandhill's first year of operation? $37000 loss. $0. $21000 loss. $16000 gain.
Founded on January 1, 20X1, Gehl Company had the following passive investments in equity securities at the end of 20X1 and 20X2: Equity Security Cost 12/31/X2 Fair Value A $ 96,000 $ 94,000 B 184,000 162,000 C 126,000 136,000 Required: If the company recorded a $4,000 debit to its Fair value adjustment account as its 20X2 fair value adjustment, what must have been the unrealized gain or loss reported at the end of 20X1?
- What is the unrealized gain (loss) reported in profit or loss for the year 2021?A. P31,000B. (P31,000)C. P43,000D. (P43,000) - How much was the gain or loss on the sale of CD shares? A. P1,100 gain B. P2,000 gain C. P15,000 loss D. P15,900 loss
Beresford Inc. purchased several investments in debt securities during 2020, its first year of operations. The following information pertains to these securities. The fluctuations in their fair values are not considered permanent. Held-to-Maturity Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Amortized Cost 12/31/2020 Amortized Cost 12/31/2021 ABC Co. Bonds $ 375,000 $ 400,000 $ 367,500 $ 360,000 Trading Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost DEF Co. Bonds $ 48,000 $ 59,500 $ 66,000 GEH Inc. Bonds $ 47,000 $ 77,000 $ 39,000 IJK Inc. Bonds $ 44,000 $ 38,500 $ 32,900 Available-for-Sale Securities: Fair Value 12/31/2020 Fair Value 12/31/2021 Cost LMN Co. Bonds $ 130,500 $ 150,400 $ 140,000 What would be the balance in Beresford's accumulated other comprehensive income with respect to these investments in its 12/31/2021 balance sheet (ignore taxes)?
Boulter, Incorporated, began business on January 1, 2024. At the end of December 2024, Boulter had the following investments in debt securities: Trading Available-for-Sale Cost $ 60,000 $ 110,000 Fair value 54,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2024? Income Statement Accumulated Other Comprehensive Income in Shareholders' Equity a. $ 8,500 $ 0 b. $ 0 $ 8,500 c. $ 6,000 $ 2,500 d. $ 2,500 $ 6,000
On December 21, 2020, Vaughn Company provided you with the following information regarding its equity investments. Securities Cost Fair Value Unrealized Gain(Loss) SC Corp. stock $43,300 39,520 $(3,780 ) True Co. stock 48,800 55,390 6,590 Plus, Inc. stock 30,200 29,882 (318 ) Total of portfolio $122,300 $124,792 2,492 Previous fair value adjustment balance -0- Fair value adjustment – Dr. $2,492 During 2021, the Plus, Inc. stock was sold for $30,750. The fair value of the stock on December 31, 2021, was: SC Corp. stock—$40,070; True Co. stock—$51,080. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles…