Reference no: EM132831729
Question - Greece Company revealed the following chronological transactions.
a. Purchased 80,000 shares, par P20, at P80 per share as long-term investment.
b. Received a share dividend of one share for every four owned.
c. Received a cash dividend of P10 per share.
d. Received share rights to purchase one share at P60 for every five rights held. On this date, the share right has a market five right of P10.
e. Sold 40,000 rights at P14 each.
f. Exercise the remaining rights.
g. Sold 80,000 shares at P70 per share.
Required -
1. What is the gain on sale of shares using FIFO approach?
2. What is the gain on sale of shares using average approach?
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