Reference no: EM133146310
Question 1 - During 2021, the first year of operations, Dejavu Company purchased the following equity securities.
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MARKET VALUE
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Cost
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December 31, 2021
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December 31, 2022
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Security One
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2,200,000
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1,400,000
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1,900,000
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Security Two
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700,000
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1,000,000
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1,100,000
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Security Three
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1,600,000
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1,500,000
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1,600,000
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Security Four
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2,000,000
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2,500,000
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1,200,000
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Security one and security two are held for trading and security Three and security four are measured as fair value through other comprehensive income by election, During 2022, the entity sold security two for P1,000,000 and half of security four for P500,000. Revenues and operating [marketing and administrative) expenses for the year 2022 are P7,500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2022 due in the equity securities?
Question 2 - White purchased 10% of an investee's 100,000 outstanding ordinary shares on January 1, 2022 for P1,000,000. On October 31, 2022, White company purchased 20,000 additional shares of the investee for P3,000,000. On the same date, the fair value of the 10% interest was P1,400,000. The fair value of the net assets of the investee is equal to carrying amount except for an equipment whose fair value exceeds carrying amount by P640,000. The equipment has a remaining life of 5 years. The investee had not issued any additional shares for the year. The investee reported net income of P8,000,000 for the current year and paid P500,000 dividends. What amount should be reported on December 31 as investment in associate?
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