Answered: On January 1,2021 Hubalde Company…

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

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 12MC: (Appendix 14.1)Pamlico Company has a 500,000, 15%, 3-year note dated January 1, 2019, payable to...

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On January 1,2021 Hubalde Company purchased training equity investments which are irrevocably designated at FVPL: 1. Determine the unrealized gain/loss on december 31,2021? 2. Determine the net gain/loss reported on the income statement on december 31,2021? 3. What are the related journal entries? 4. Assuming, the entity irrevocably designated it ay FVOCI, How much is the unrealized gain/loss- FVOCI on December 31,2021? 5. Assuming, the entity irrevocably designated it ay FVOCI, How much is the unrealized gain/loss reported on the income statement on December 31,2021? 6. Assuming the entity irrevocably designated it at FVOCI, What are the related journal entries?

Security
Purchase price
Transaction costs
Fair value, Dec. 31, 2021
A
P1,000,000
P100,000
P1,500,000
2,000,000
200,000
2,400,000
C
4,000,000
400,000
4,700,000
On July 5, 2020, the entity sold Security C amounting to P5,200,000.

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