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Question - An entity buys and sells securities expecting to earn profits on short-term differences in price. During 2016, the entity purchased the following trading securities:
Security
Cost
Fair Value Dec. 31, 2016
A
195,000
225,000
B
300,000
162,000
C
660,000
678,000
Before any adjustments related to these trading securities, the entity had net income of P900,000.
1. What is the entity's net income after making any necessary trading security adjustments?
a. 900,000
b. 810,000
c. 762,000
d. 948,000
2. What would the net income be if the fair value of security B were P285,000?
a. 867,000
b. 900,000
c. 885,000
d. 933,000
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