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During the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Quantity Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares Cost P24,000 216,000 P240,000 Fair Value P18,000 246,000 P264,000 What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 070 0 oc

During the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Quantity Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares Cost P24,000 216,000 P240,000 Fair Value P18,000 246,000 P264,000 What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 070 0 oc

Intermediate Accounting: Reporting And Analysis
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...
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During the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Cost P24,000 216,000 P240,000 Quantity Fair Value P18,000 246,000 P264,000 Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 d. 270,000
Transcribed Image Text:During the year 2018 Nestle sold 3,000 shares of LJ, Inc. for P119,700 and 500 shares of Dwarfy company at a loss of P8,100. On December 31, 2018, Nestle's equity investment portfolio consisted of the following. Cost P24,000 216,000 P240,000 Quantity Fair Value P18,000 246,000 P264,000 Investment Dwarfy Company Alabang Corp. Totals 500 shares 2,000 shares What should be reported as loss on sale of trading securities in 2018? a.60,300 b. 32,400 c. 24,300 d. 68,400 What amount of unrealized gain or loss should be reported in the income statement for the year ended December 31, 2018? e. P180,000 unrealized gain f. P180,000 unrealized loss g. P24,000 unrealized gain h. P24,000 unrealized loss In the December 31, 2018, statement of financial position, what should be reported as carrying amount of trading securities? a. 240,000 b. 234,000 c. 264,000 d. 270,000
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