On January 2, 2023, Precious & Gracious Company purchased marketable equity securities as investment to be measured at fair value. The cost and market value on December 31, 2023 were as follows: Security Classification X Trading Securities Y Non-Trading - OCI Z Non-Trading - OCI Cost Market Value Dec 31, 2023 800,000 2,500,000 840,000 2,700,000 3,700,000 3,500,000 The entity sold 75% of Security X shares on June 30, 2024 for P680,000. The entity sold 40% of Security Y shares on October 1, 2024 for P1,300,000. No shares sold for Security Z in year 2024. On December 31, 2024, the remaining securities X, Y, and Z has the following fair values: P195,000; P1,600,000; and P3,850,000, respectively.

On January 2, 2023, Precious & Gracious Company purchased marketable equity securities as investment to be measured at fair value. The cost and market value on December 31, 2023 were as follows: Security Classification X Trading Securities Y Non-Trading - OCI Z Non-Trading - OCI Cost Market Value Dec 31, 2023 800,000 2,500,000 840,000 2,700,000 3,700,000 3,500,000 The entity sold 75% of Security X shares on June 30, 2024 for P680,000. The entity sold 40% of Security Y shares on October 1, 2024 for P1,300,000. No shares sold for Security Z in year 2024. On December 31, 2024, the remaining securities X, Y, and Z has the following fair values: P195,000; P1,600,000; and P3,850,000, respectively.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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