During 2019, Mickey Mouse Company owns trading securities with Minnie Mouse Company. The cost of trading securities and their market value on December 31, 2019 are as follows: security cost market value x 750,000 900,000 y 1,200,000 1,350,000 z 2,700,000 2,200,000 Also in 2019, Mickey Mouse Company had net income of P1,500,000. What is the amount of net income after making an adjustment necessary for trading securities? 1,300,000 1,500,000 1,200,000 1,700,000
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During 2019, Mickey Mouse Company owns trading securities with Minnie Mouse Company. The cost of trading securities and their market value on December 31, 2019 are as follows:
security | cost | market value |
x | 750,000 | 900,000 |
y | 1,200,000 | 1,350,000 |
z | 2,700,000 | 2,200,000 |
Also in 2019, Mickey Mouse Company had net income of P1,500,000. What is the amount of net income after making an adjustment necessary for trading securities?
- 1,300,000
- 1,500,000
- 1,200,000
- 1,700,000
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