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What would the net income be

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Reference no: EM132975087

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.

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

Reference no: EM132975087

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