Homework Help is Here – Start Your Trial Now!
Business
Accounting
On December 31, Year 1 Penthouse Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, Year 1. During Year 2, Penthouse acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Y Co. for P180 per share and 800 ordinary shares of Z Co. for P220 per share. At the end of Year 2, market values per share were: X - P140; Y - P170; Z - P200. What is the ner unrealized loss account balance reported in the shareholders equity section of Penthouse Company's statement of financia position at December 31, Year 2? P35,000 P20,000 P15,000 РО a. p. d.

On December 31, Year 1 Penthouse Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, Year 1. During Year 2, Penthouse acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Y Co. for P180 per share and 800 ordinary shares of Z Co. for P220 per share. At the end of Year 2, market values per share were: X - P140; Y - P170; Z - P200. What is the ner unrealized loss account balance reported in the shareholders equity section of Penthouse Company's statement of financia position at December 31, Year 2? P35,000 P20,000 P15,000 РО a. p. d.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 15E
See similar textbooks
icon
Related questions
Question
No. 24
On December 31, Year 1 Penthouse Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, Year 1. During Year 2, Penthouse acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Y Co. for P180 per share and 800 ordinary shares of Z Co. for P220 per share. At the end of Year 2, market values per share were: X - P140; Y - P170; Z - P200. What is the net unrealized loss account balance reported in the shareholders' equity section of Penthouse Company's statement of financial position at December 31, Year 2? P35,000 P20,000 P15,000 РО а. b. с. d.
Transcribed Image Text:On December 31, Year 1 Penthouse Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at Dec. 31, Year 1. During Year 2, Penthouse acquired the following investments, all of which were designated as at fair value through other comprehensive income: 900 ordinary shares of Y Co. for P180 per share and 800 ordinary shares of Z Co. for P220 per share. At the end of Year 2, market values per share were: X - P140; Y - P170; Z - P200. What is the net unrealized loss account balance reported in the shareholders' equity section of Penthouse Company's statement of financial position at December 31, Year 2? P35,000 P20,000 P15,000 РО а. b. с. d.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SEE MORE TEXTBOOKS