Reference no: EM132586670
On January 1, 2018, ABC Company has investment in equity designated as at FVOCI with a fair value of P600, 000. These securities were acquired a year ago at cost of P625, 000. On March 31, 2018, ABC exchanged these securities for a piece of land from Mars Company. The carrying amount of the land in books of Mars Company was a zonal value of P800, 000. At the time of exchange, the shares, which was publicly listed, has a fair value of P650,000
Question 1: The necessary journal entry on March 31, will include a
Option 1: Debit to land, P650, 000
Option 2: Answer not gain
Option 3: Credit gain on exchange, P25, 000
Option 4: Debit to loss on exchange, P25, 000
Option 5: Debit to financial asset at FVOCI, P600, 000
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