(раг Unrealized loss on investments in available-for-sale securities 15,000 8,000 10,000 The corporation should make the following entry on the declaration date Retained earnings, deficit Contributed capital in excess of par (a) Retained earnings P8,000 Dividends payable, liquidating (b) Contributed capital in excess of par Dividends payable, liquidating P8,000 P8,000 Р8,000 (c) Common stock Р8,000 Dividends payable, liquidating Р8,000 (d) Common stock Contributed capital in excess of par P4,000 4,000 Dividends payable, liquidating P8,000

(раг Unrealized loss on investments in available-for-sale securities 15,000 8,000 10,000 The corporation should make the following entry on the declaration date Retained earnings, deficit Contributed capital in excess of par (a) Retained earnings P8,000 Dividends payable, liquidating (b) Contributed capital in excess of par Dividends payable, liquidating P8,000 P8,000 Р8,000 (c) Common stock Р8,000 Dividends payable, liquidating Р8,000 (d) Common stock Contributed capital in excess of par P4,000 4,000 Dividends payable, liquidating P8,000

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 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
Paul Company presented the following information pertaining to its investments in equity securities. FVPL FVOCICost P1,000,000 P1,000,000Market value December 31, 2020 1,050,000 980,000 December 31, 2019 950,000 920,000 2.What amount should Paul report as unrealized gains/losses in the shareholders' equity of its December 31, 2020 statement of financial position?
The following data pertains to Kyne Co.’s investments in marketable equity securities: Market value Cost 12/31/22 12/31/23XYZ Stock 150,000 $155,000 $100,000ABC Stock $150,000 130,000 120,000 What amount should Kyne include as unrealized holding loss in its 2023 Net Income?a) $50,000b) $55,000c) $60,000d) $65,000e) $5,000
22. During 2022, Haggard Company purchased marketable equity securities for P 1,850,000 to be held as trading investments. In 2022, the entity appropriately reported an unrealized loss of P 200,000 in the income statement. There was no change during 2022 in the composition of the portfolio of trading securities. Pertinent data on December 31, 2023 are: Security Cost Market value Inc (Dec) A 600,000 700,000 100,000 B 450,000 400,000 (50,000) C 800,000 900,000 100,000 Net Increase 150,000 What amount of unrealized gain on these securities should be included in the 2021 income statement?
- What is the unrealized gain (loss) reported in profit or loss for the year 2021?A. P31,000B. (P31,000)C. P43,000D. (P43,000) - How much was the gain or loss on the sale of CD shares? A. P1,100 gain B. P2,000 gain C. P15,000 loss D. P15,900 loss
5 - If a provision is made for an impairment of 4,000 TL in stocks, which account should be credited? a) 119 Provisions for Impairment of Securities (-) 4.000 TL B) 649 Other Ordinary Income and Profits Hs. 4,000 TL NS) 654 Provision Expenses Hs. 4,000 TL D) 659 Other Ordinary Expenses and Losses Hs. 4,000 TL TO) 110 Stocks Hs. 4,000 TL
33. On December 31, 2018, Calm Company appropriately reported P80, 000 unrealized loss in OIC for equity securities measured irrevocably at FVOCI. Security Cost Fair value at 12/31/19 X 1, 250, 000 1, 600, 000 Y 1, 000, 000 950, 000 Z 1, 750, 000 1, 250, 000 What amount of unrealized loss is recognized in the 2019 statement of changes in equity?
ABC Company reported the following information on December 31, 2020: Ordinary share capital, P3 par 600,000 Share premium 800,000 Treasury shares, at cost 50,000 Net unrealized loss on available for sale securities (investment at FVTOCI) 20,000 Retained earnings appropriated for unissued earthquake loss 150,000 Retained earnings unappropriated 200,000 What amount should be reported as total shareholders' equity on December 31, 2020?
10 - If a provision is made for TL 6,000 depreciation in stocks, what should be the debtor account? a) 654 Provision Expenses Hs. 6,000 TL B) 649 Other Ordinary Income and Profits Hs. 6,000 TL NS) 110 Stocks Hs. 6,000 TL D) 659 Other Ordinary Expenses and Losses Hs. 6,000 TL TO) 119 Provisions for Impairment of Securities (-) 6.000 TL
Boulter, Incorporated, began business on January 1, 2024. At the end of December 2024, Boulter had the following investments in debt securities: Trading Available-for-Sale Cost $ 60,000 $ 110,000 Fair value 54,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2024? Income Statement Accumulated Other Comprehensive Income in Shareholders' Equity a. $ 8,500 $ 0 b. $ 0 $ 8,500 c. $ 6,000 $ 2,500 d. $ 2,500 $ 6,000
What is a Capital Asset?, Holding Period, Calculation of Gain or Loss, Net Capital Losses (LO 4.1, 4.2, 4.3, 4.5) Charu Khanna received a Form 1099-B showing the following stock transactions and basis during 2019: Stock DatePurchased Date Sold SalesPrice CostBasis 4,000 shares Green Co. 06/04/08 08/05/19 $12,000 $3,000 500 shares Gold Co. 02/12/19 09/05/19 54,000 62,000 5,000 shares Blue Co. 02/04/09 10/08/19 18,000 22,000 100 shares Orange Co. 11/15/18 07/12/19 19,000 18,000 None of the stock is qualified small business stock. The stock basis was reported to the IRS. Calculate Charu's net capital gain or loss using Schedule D and Form 8949.
nEED IN 10 MINUTES 9. On January 1, 20x1, an entity purchased marketable equity securities for P2,500,000. The entity paid commission and taxes of P190,000. The equity securities do not qualify as financial asset held for trading. The entity made irrevocable election to present unrealized gain and loss in other comprehensive income. The securities have a market value of P2,600,000, and P2,750,000 on December 31, 20x1 and December 31, 20x2. On July 1, 2022, half of the securities are sold for P1,400,000. On July 1, 2022, the net increase/ decrease in retained earnings account is (sample answer: 10,500 increase or 10,500 decrease)