Reference no: EM132844161
Morgan Company began business in October of 2011. During the year, Morgan purchased a portfolio of securities listed below. In its December 31, 2011 balance sheet, Morgan appropriately reported a P300,000 credit balance in its "Fair Value Adjustment- Equity Securities" account. The composition of the securities did not change during the year 2012.
Pertinent data are as follows:
Securities Cost Market Value, Dec. 31, 2012
P P2,400,000 P2,450,000
Q 2,500,000 2,550,000
R 1,900,000 2,000,000
P6,800,000 P7,000,000
Problem 1: What amount of unrealized gain or loss on these securities should be included in Morgan's profit or loss for the year ended December 31, 2012 assuming the securities were designated as investment to profit or loss?
Problem 2: What amount of unrealized gain or loss on these securities should be included in Morgan's other comprehensive income for the year ended December 31, 2012 assuming the securities were designated as investment in available for sale?
Problem 3: What amount of unrealized gain or loss on these securities should be included in Morgan's shareholders' equity for the year ended December 31, 2012 assuming the securities were designated as investment in available for sale?
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