How much is the gain or loss on reclassification date

Assignment Help Financial Accounting

Reference no: EM132789761

Question - Karen Company owns 8,000 convertible preference shares of which was acquired in 2017 at a cost of Php 400,000. On December 31, 2017, the par value of the preference share was Php 430,000.

Required - Based on the above, answer the following:

Assume that the investment is to be held as a trading securities and also assume that on August 31, 2018, Karen Company recorded a transfer of all shares to FVTOCI when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018?

Assume that the investment is to be held as a fair value through other comprehensive income securities and also assume that on August 31, 2018, Karen Company recorded a transfer of all shares to trading securities when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018?

Reference no: EM132789761

Questions Cloud

How much impairment loss should bank recognize on december : The market interest rate at that time is 12%. The stated interest rate on the note was 10%, How much impairment loss should bank recognize on December

Identify technology applications : How technology applications such as e-mail, Internet, telecommunications and social networking can both facilitate and hinder personal time management

Describe the behavioral or cognitive theory : Assume you were asked to present information about emerging theories to your colleagues who are new to your practice. Prepare a voice-over PowerPoint.

What would be the cost of the non-monetary asset received : On July 1,2020, If the cashflows of the non-monetary assets were not the same, what would be the cost of the non-monetary asset received?

How much is the gain or loss on reclassification date : Karen Company recorded a transfer of all shares to FVTOCI when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018

Examine the specific issues faced by individuals : Evaluate your community and identify types of social work micro practice settings. Then, prepare a written analysis addressing the following.

How much should jp company reported as revenue : Morgan Conpany owned an idle parcel, In the statement of changes in equity, how much should JP Company reported as revenue?

Intervention process or developing interventions : How do you plan on involving students in the intervention process or in developing interventions?

What amount should the last be carried : When an existing structure onnthe site was razed. At the date of exchange, the land sells at a cash prize of P450,000. At what amount should the last be carried

User Account

All Pages