Lei Company acquired a financial asset at its market value of P4,800,000. Broker fees of P300,000 were incurred in relation to the purchase. At what amount should the financial asset initially be recognized if it is classified as: 1. At Fair value through profit or loss _________________ 2. As available for sale _____________________

Lei Company acquired a financial asset at its market value of P4,800,000. Broker fees of P300,000 were incurred in relation to the purchase. At what amount should the financial asset initially be recognized if it is classified as: 1. At Fair value through profit or loss _ 2. As available for sale _____

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 31P

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