Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 2, 2020, theodora company purchased 40.

On January 2, 2020, Theodora Company purchased 40.000 shares of Byzantine, Inc. stock at P100...

70.2K

Verified Solution

Question

Accounting

image
image
On January 2, 2020, Theodora Company purchased 40.000 shares of Byzantine, Inc. stock at P100 per share. Brokerage fees amounted to P120,000. APS dividend per share of Byzantine, Inc. shares had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. The shares are designated as FVTOCI. On December 31, 2020 the investment has a fair value of P4.200.000. How much should be recognized in the 2020 other comprehensive income related to these securities? On 1 January 2020, an entity purchased a debt instrument at its face value of P1,000,000. The contractual term is ten years with an annual coupon of 6%. On 31 December 2020, the fair value of the instrument decreases to P955,000. 12-month expected credit losses as determined under the impairment model are P25,000. Which statement is correct if the debt instrument is classified as FA@FVTOCI? The amount to be reported on the entity's December 31, 2020 statement of financial position is P930,000. The net amount to be recognized in 2020 profit or loss is P60,000. O None of these The amount to be recognized in 2020 other comprehensive income is P45,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

For each sentence below, decide whether it is an atomic statement, a molecular statement, or not...

Statistics
Q

what are racial segregation in sports and give examples

Psychology
Q

A double acting cylinder is to travel out when an electrical pushbutton is actuated and remains...

Electrical Engineering
Q

Four ice cubes are dropped in a soda at 15C and mass of soda is...

Physics
Q

a The forces 20 N 30N 40N 50N and 60N are acting at one of...

Physics
Q

A certain company s main source of income is a mobile app The company s...

Basic Math
Q

20 Post exposure radiation levels are approximately Normally distributed with mean The levels in Sv...

Statistics
Q

Cullumber Hardware reported cost of goods sold as follows. Cullumber made...

Accounting
Q

Invested Amount Interest Rate Compounding Jerry $ 12,70012% Quarterly Elaine 15,7006 Semiannually...

Accounting
Q

Problem 7-8B Record the disposal of equipment (LO7-6) [The following information applies to the questions...

Accounting
Q

I have answered few parts but can't figure most of it. Thanks ...

Accounting
Q

solve with working notes solve with working notes

Accounting