Fill in the blanks: Blackknight Corp. purchased the following held for trading investments during 2020: ABC shares, cost P900,000 DEF shares, cost P 1,000,000 The market values of the above shares were P1,000,000 and P1,600,000 respectively. The entity sold all of DEF shares by the middle of 2021 for P1,100,000. the market value of ABC shares on December 31, 2021 is P600,000. How much loss on the trading securities should be reported in the income statement for 2021

Fill in the blanks: Blackknight Corp. purchased the following held for trading investments during 2020: ABC shares, cost P900,000 DEF shares, cost P 1,000,000 The market values of the above shares were P1,000,000 and P1,600,000 respectively. The entity sold all of DEF shares by the middle of 2021 for P1,100,000. the market value of ABC shares on December 31, 2021 is P600,000. How much loss on the trading securities should be reported in the income statement for 2021

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 8MC

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