Shangrila designated the Crossing shares as At Fair Value Shangrila bought shares of Crossing, Inc. in two batches as follows: June 10, 2019 December 5, 2019 2,000 shares at P100 3,000 shares at P120- P200,000 360,000 P560,000 through Other Comprehensive Income. The Crossing shares were quoted at P125 on December 31 2019. The following were the transactions for 2020: Received cash dividend at P10 per share Received 20% bonus issue. Shares sell at P120 after the bonus issue. Sold 3,000 shares at P120 per share (coming from the December 5, 2019 lot). March 10 June 20 December 10 How much should Shangrila report as cumulative other comprehensive income in the equity section of its statement of financial position at December 31, 2020? а. PO P100,000 P115,000 P125,000 b. с. d.
Shangrila designated the Crossing shares as At Fair Value Shangrila bought shares of Crossing, Inc. in two batches as follows: June 10, 2019 December 5, 2019 2,000 shares at P100 3,000 shares at P120- P200,000 360,000 P560,000 through Other Comprehensive Income. The Crossing shares were quoted at P125 on December 31 2019. The following were the transactions for 2020: Received cash dividend at P10 per share Received 20% bonus issue. Shares sell at P120 after the bonus issue. Sold 3,000 shares at P120 per share (coming from the December 5, 2019 lot). March 10 June 20 December 10 How much should Shangrila report as cumulative other comprehensive income in the equity section of its statement of financial position at December 31, 2020? а. PO P100,000 P115,000 P125,000 b. с. d.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 24E
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No. 27
Transcribed Image Text:Shangrila designated the Crossing shares as At Fair Value
Shangrila bought shares of Crossing, Inc. in two batches as
follows:
June 10, 2019
December 5, 2019
2,000 shares at P100
3,000 shares at P120.
P200,000
360,000
P560,000
through Other Comprehensive Income.
The Crossing shares were quoted at P125 on December 31
2019.
The following were the transactions for 2020:
Received cash dividend at P10 per share
Received 20% bonus issue. Shares sell
at P120 after. the bonus issue.
Sold 3,000 shares at P120 per share
(coming from the December 5, 2019 lot).
March 10
June 20
December 10
How much should
Shangrila report as cumulative other comprehensive income in
the equity section of its statement of financial position at
December 31, 2020?
а.
PO
P100,000
P115,000
P125,000
b.
с.
d.
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