During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows: December 31, 2019---------P235,000 December 31, 2020---P240,000 December 31, 2021---------P222,000 How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?
During the year 2019, Strict Company acquired 10,000 ordinary shares of Lenient Company for P220,000 plus broker's commission of P 5,000. The shares acquired by Strict are intended for trading. The market value of these shares for the last three years are as follows: December 31, 2019---------P235,000 December 31, 2020---P240,000 December 31, 2021---------P222,000 How much unrealized gain on equity investment is recognized in profit or loss for the year 2020?
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 1MC
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