Fair value through other comprehensive income

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Reference no: EM132568194

Question: On January 1,2017, ABC owns 15,000 ordinary shares representing 15% of the shares outstanding of DEF Corporation. The ordinary shares were acquired on November 12,2017 at a cost of P1,500,000 and have a fair value of P1,600,000 on December 31,2017. On January 2,2018, ABC sold half of its investment for P100 per share incurring a brokerage and commission expense of P20,000.

Assume that the above securities are designated as at fair value through other comprehensive income, the gain or loss on sale of January 2,2018 to be recognized directly in the retained earnings is

-P(50,000)
-Answer not given
-P0
-P(70,000)
-P20,000

Reference no: EM132568194

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