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Determine the carrying value of the investments

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Question - A client had the following investment transactions in 20X0: On March 20, purchased 1,000 shares of XYZ Co. ordinary shares at P80.50 plus broker's fee of P500. Received stock rights permitting the purchase of one share at P60 for every four shares owned on September 1. On this date, the rights had a market price of P3 each, and the market price of the stock ex-right was P72 per share. On Nov. 10, exercised 500 rights from the stock purchased March 20. If stock rights are not accounted for separately, determine the carrying value of the investments if 1/3 of the total holdings was sold for P75 a share. Round off answer to 2-decimal places.

Reference no: EM132973291

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