Reference no: EM132935036
Questions -
Q1) During 2019, Dynamite Company purchased marketable equity securities as short-term investment to be measured at fair value through other comprehensive income. The cost and market value on December 31, 2019 were:
Security Cost Marketable value
A 1,000 shares 300,000 350,000
B 10,000 shares 1,700,000 1,550,000
C 20,000 shares 3,150,000 2,950,000
The entity sold 10,000 shares of B on January 5, 2020 for P1,450,000.
What total amount should be charged to retained earnings as a result of the sale of equity securities in 2020?
Q2) On July 1, 2019, Girl's Generation Company acquired 20% of the outstanding ordinary shares of another entity for P5,000,000. The carrying amount of the acquired shares was P4,000,000. The excess of cost over carrying amount was attributable to the equipment which was undervalued on the investee's statement of financial position and which had a remaining useful life of 5 years. For the year ended December 31, 2019, the investee reported net income of P6,000,000 and paid cash dividends of P1,000,000 on ordinary shares capital and issued 10% stock dividend on December 31, 2019. What is the carrying amount of the investment in associate on December 31, 2019?
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Create adjusting journal entries
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What does IE should do
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Calculate the current value of this stock
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Compute budgeted collections and payments for April
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What is the carrying amount of the investment
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How much is carera budgeted variable cost
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What amount should be reported as dividend income
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Prepare Splish Brothers journal entries
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What are Frank and Tom recognized gains
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