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Prepare Entries for the books of Victoria Corporation

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Question - Victoria Corporation completed the following transactions relating to investment in Whirlpool Corporation ordinary shares, which Victoria Court acquired for trading purposes.

Year 1:

(a) Purchased 1,000 shares (5% interest in voting shares) at P150 per share, plus transaction costs of P3,570.

(b) At year end, the Whirlpool Corporation ordinary shares had fair value of P180 per share.

Year 2:

(a) Sold 500 of Whirlpool Corporation ordinary shares at P190 per share, incurring P1,000 transaction costs on sale.

(b) At year end, the fair value of each share was P192.

Required -

1. Prepare Entries for Year 1 and Year 2 in the books of Victoria Corporation.

2. Provide solutions and on how you come up with that amounts.

Reference no: EM132682530

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