bought shares of Crossing, Inc. in two batches as follows: June 10, 2021 - 2,000 shares at P100 December 5, 2021 - 3,000 shares at P120 Shangrila designated the Crossing shares as At Fair Value through Other Comprehensive Income. The Crossing shares were quoted at PI25 on December 31, 2021. The following were the transactions for 2022: March 10: Received cash dividend at P10 per share June 20: Received 20% bonus issue. Shares sell at P120 after the bonus issue. December 10: Sold 3,000 shares at P120 per share (coming from the December 5, 2021 lot). T
bought shares of Crossing, Inc. in two batches as follows: June 10, 2021 - 2,000 shares at P100 December 5, 2021 - 3,000 shares at P120 Shangrila designated the Crossing shares as At Fair Value through Other Comprehensive Income. The Crossing shares were quoted at PI25 on December 31, 2021. The following were the transactions for 2022: March 10: Received cash dividend at P10 per share June 20: Received 20% bonus issue. Shares sell at P120 after the bonus issue. December 10: Sold 3,000 shares at P120 per share (coming from the December 5, 2021 lot). T
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 23E
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Question
Shangrila bought shares of Crossing, Inc. in two batches as follows:
June 10, 2021 - 2,000 shares at P100
December 5, 2021 - 3,000 shares at P120
Shangrila designated the Crossing shares as At Fair Value through Other Comprehensive Income.
The Crossing shares were quoted at PI25 on December 31, 2021.
The following were the transactions for 2022:
March 10: Received cash dividend at P10 per share
June 20: Received 20% bonus issue. Shares sell at P120 after the bonus issue.
December 10: Sold 3,000 shares at P120 per share (coming from the December 5, 2021 lot).
The Crossing shares were quoted at 125 at December 31, 2022.
How much is the gain (or loss) on the sale of the shares?
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