Baur Company acquired 20,000 ordinary shares on October 1 for P1,344,000 to be held for trading. On November 30, the investee distributed a 12% ordinary share dividend when the market price of the share was P65. On December 31, the entity sold 5,000 shares for P350,000. What amount should be reported as gain on sale of trading securities in the current year? *

Baur Company acquired 20,000 ordinary shares on October 1 for P1,344,000 to be held for trading. On November 30, the investee distributed a 12% ordinary share dividend when the market price of the share was P65. On December 31, the entity sold 5,000 shares for P350,000. What amount should be reported as gain on sale of trading securities in the current year? *

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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