PAPASAKAYA Corporation began operations on January 11, 2020. At December 31, 2020, PAPASAKAYA had the following investment portfolios of equity securities: In its 2020 income statement, what amount should PAPASAKAYA report as unrealized gain (loss) on equity securities? TRADING SECURITIESAggregate costAggregate portfolio market valueAggregate lower of cost or market applied to each security in theportfolio180,000160,000152,000EQUITY SECURITIES MEASURED AT FAIR VALUE THRUOCI275,000Aggregate costAggregate portfolio market valueAggregate lower of cost or market applied to each security in theportfolio225,000210,000

The fair value gain on trading securities are recognized in the income statement and it is a…

PAPASAKAYA Corporation began operations on January 11, 2020. At December 31, 2020, PAPASAKAYA had the following investment portfolios of equity securities: In its 2020 income statement, what amount should PAPASAKAYA report as unrealized gain (loss) on equity securities?

PAPASAKAYA Corporation began operations on January 11, 2020. At December 31, 2020, PAPASAKAYA had the following investment portfolios of equity securities: In its 2020 income statement, what amount should PAPASAKAYA report as unrealized gain (loss) on equity securities?

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 6MC: A security in a portfolio of available-for-sale securities is transferred to the trading category....

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Question

TRADING SECURITIES
Aggregate cost
Aggregate portfolio market value
Aggregate lower of cost or market applied to each security in the
portfolio
180,000
160,000
152,000
EQUITY SECURITIES MEASURED AT FAIR VALUE THRU
OCI
275,000
Aggregate cost
Aggregate portfolio market value
Aggregate lower of cost or market applied to each security in the
portfolio
225,000
210,000

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