Reference no: EM133085720
Question - Sony Corp. invested its excess cash and designated the investments as fair value through OCI (FVOCI) in 2016. As of December 31, 2016, the company's FVOCI securities portfolio consisted of the following:
|
Security
|
Shares
|
Cost
|
Fair Value
|
|
JAY Corporation
|
30,000
|
P450,000
|
630,000
|
|
GEE Corporation
|
60,000
|
1,500,000
|
1,260,000
|
|
SO0 Corporation
|
60,000
|
2,160,000
|
1,800,000
|
During the year 2017, Sony sold 60,000 shares of GEE for P1,146,000 and purchased 60,000 additional shares of JAY and 30.000 shares of VEE Corporation. On December 31, 2017, Sony's portfolio of FVOCI securities comprised the following:
|
Security
|
Shares
|
Cost
|
Fair Value
|
|
JAY Corporation
|
30,000
|
P450,000
|
600,000
|
|
JAY Corporation
|
60,000
|
1,140,000
|
1,200,000
|
|
SO0 Corporation
|
60,000
|
2,160,000
|
660,000
|
|
VEE Corporation
|
30,000
|
480,000
|
360,000
|
During the year 2018, the company sold all the JAY shares for P1,197,000 and 15,000 shares of VEE at a loss of P81,000. On December 31, 2018, Sony portfolio of FVOCI consisted of the following:
|
Security
|
Shares
|
Cost
|
Fair Value
|
|
VEE Corporation
|
15,000
|
240,000
|
180,000
|
|
SO0 Corporation
|
60,000
|
2,160,000
|
2,460,000
|
Required -
A. How much should be reported as Unrealized Holding Loss on Sony's balance sheet as of December 31, 2016?
B. How much should be reported as Unrealized Holding Loss on Sony's balance sheet as of December 31, 2017?
C. How much should be reported as Unrealized Holding Gain on Sony's balance sheet as of December 31, 2018?
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