Reference no: EM132564053
On January 1, 2016, an entity purchased marketable equity securities not qualifying as financial asset held for trading. The entity elected to present changes in fair vake as component of other comprehensive income.
On December 31, 2016, the securities have the following cost and market value:
Cost Market
Security A 1,000,000 1,100,000
Security B 2,000,000 2,700,000
Security C 3,000,000 2,800,000
6,000,000 6,600,000
Question 1. What is the entry to record the unrealized gain or loss?
Cost Market Gain(Loss)
Security A 1,000,000 1,100,000
Security B 2,000,000 2,700,000
Security C 3,000,000 2,800,000
6,000,000 6,600,000
Question 2. On July 1, 2017, Security A was sold for P1,400,000. What is the journal entry to record the sale?
The unrealized gain of P100,000 related to Security A is transferred to retained earnings.
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