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During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair value through other comprehensive income. On December 31, the balance in the unrealized loss on these

During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair value through other comprehensive income. On December 31, the balance in the unrealized loss on these

Intermediate Accounting: Reporting And Analysis
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 12RE: Refer to the information in RE13-11. Assume that on December 31, 2019, the investment in Cornett...
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curities was P1,000,000. There were no security transactions during 2024. Pertinent data on December 31, 2024 are: Security A B Cost 10,500,000 Market Value 8,000,000 10,000,000 4,500,000 C 9,250,000 5,250,000 3. How much is the carrying amount of the financial assets on December 31, 2024? ☑ 21,500,000 b 22,500,000 C. 24,000,000 d. 25,000,000 4. How much is the cumulative unrealized loss to be presented in statement of changes in equity in 2024? a. 2,500,000 b. 1,500,000 C. 1,000,000 d. 0
Transcribed Image Text:curities was P1,000,000. There were no security transactions during 2024. Pertinent data on December 31, 2024 are: Security A B Cost 10,500,000 Market Value 8,000,000 10,000,000 4,500,000 C 9,250,000 5,250,000 3. How much is the carrying amount of the financial assets on December 31, 2024? ☑ 21,500,000 b 22,500,000 C. 24,000,000 d. 25,000,000 4. How much is the cumulative unrealized loss to be presented in statement of changes in equity in 2024? a. 2,500,000 b. 1,500,000 C. 1,000,000 d. 0
Use the following information to answer the next two questions. During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair value through other comprehensive income. On December 31, the balance in the unrealized loss on these
Transcribed Image Text:Use the following information to answer the next two questions. During 2023, Magnificent & Powerful Company purchased marketable equity securities to be measured at fair value through other comprehensive income. On December 31, the balance in the unrealized loss on these
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