On January 1, 2020, Kevin Cosme acquired a P2,000,000, 10% bond for P2,159,708. The ongoing interest rate on the date of the acquisition of the bonds was 8%.Beckham classifies the bond as financial asset at fair value through other comprehensive income The fair value of the bonds at the end of each year is listed below December 31, 2020 102 December 31, 2021 98 December 31, 2022 101 Determine the ending balance of Unrealized Gain or Loss on Financial Assets at Fair Value through other Comprehensive income found in Kevin shareholders equity at the end of year 2022 O Unrealized loss 51,330.08 O Unrealized loss - 143,083.41 O Unrealized gain 91,753.33 O Unrealized loss - 92,484.64 O None of the above On January 1, 2020, Kevin Cosme acquired a P2,000,000, 10% bond for P2,159,708. The ongoing interest rate on the date of the acquisition of the bonds was 8%.Beckham classifies the bond as financial asset at fair value through other comprehensive income The fair value of the bonds at the end of each year is listed below December 31, 2020 102 December 31, 2021 98 December 31, 2022 101 Determine the Unrealized gain or loss on change in fair value recognized in Kevin's statement of other Comprehensive income on year 2022 O Unrealized gain - 91,753.33 O None of the above O Unrealized loss - 92,484.64 O Unrealized loss - 50,598.77 O Unrealized loss - 143,083.41
On January 1, 2020, Kevin Cosme acquired a P2,000,000, 10% bond for P2,159,708. The ongoing interest rate on the date of the acquisition of the bonds was 8%.Beckham classifies the bond as financial asset at fair value through other comprehensive income The fair value of the bonds at the end of each year is listed below December 31, 2020 102 December 31, 2021 98 December 31, 2022 101 Determine the ending balance of Unrealized Gain or Loss on Financial Assets at Fair Value through other Comprehensive income found in Kevin shareholders equity at the end of year 2022 O Unrealized loss 51,330.08 O Unrealized loss - 143,083.41 O Unrealized gain 91,753.33 O Unrealized loss - 92,484.64 O None of the above On January 1, 2020, Kevin Cosme acquired a P2,000,000, 10% bond for P2,159,708. The ongoing interest rate on the date of the acquisition of the bonds was 8%.Beckham classifies the bond as financial asset at fair value through other comprehensive income The fair value of the bonds at the end of each year is listed below December 31, 2020 102 December 31, 2021 98 December 31, 2022 101 Determine the Unrealized gain or loss on change in fair value recognized in Kevin's statement of other Comprehensive income on year 2022 O Unrealized gain - 91,753.33 O None of the above O Unrealized loss - 92,484.64 O Unrealized loss - 50,598.77 O Unrealized loss - 143,083.41
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 7MCQ
Related questions
Question
Transcribed Image Text:On January 1, 2020, Kevin Cosme acquired a P2,000,000, 10%
bond for P2,159,708. The ongoing interest rate on the date of the
acquisition of the bonds was 8%.Beckham classifies the bond as
financial asset at fair value through other comprehensive income
The fair value of the bonds at the end of each year is listed below
December 31, 2020
102
December 31, 2021
98
December 31, 2022
101
Determine the ending balance of Unrealized Gain or Loss on Financial Assets at Fair Value through other Comprehensive
income found in Kevin shareholders equity at the end of year 2022
O Unrealized loss 51,330.08
O Unrealized loss - 143,083.41
O Unrealized gain 91,753.33
O Unrealized loss - 92,484.64
O None of the above
Transcribed Image Text:On January 1, 2020, Kevin Cosme acquired a P2,000,000, 10%
bond for P2,159,708. The ongoing interest rate on the date of the
acquisition of the bonds was 8%.Beckham classifies the bond as
financial asset at fair value through other comprehensive income
The fair value of the bonds at the end of each year is listed below
December 31, 2020
102
December 31, 2021
98
December 31, 2022
101
Determine the Unrealized gain or loss on change in fair value recognized in Kevin's statement of other Comprehensive
income on year 2022
O Unrealized gain - 91,753.33
O None of the above
O Unrealized loss - 92,484.64
O Unrealized loss - 50,598.77
O Unrealized loss - 143,083.41
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning