Prepare entries for years in books of Victoria Corporation

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Reference no: EM132682525

Problem - 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 the sale.

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

Required - Prepare entries for years 1 and 2 in the books of Victoria Corporation.

Reference no: EM132682525

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