When preparing a draft of its 2020 statement of financial position, A Inc. reported net assets totaling P875,000. Included in the asset section of the statement of financial position were the following: Treasury shares of Mount, Inc. at cost, which approximates market value P24,000 Idle machinery 11,200 Cash surrender value of life insurance policy on corporate executives 13,700 Allowance for decline in market value of available-for-sale securities 8,400
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When preparing a draft of its 2020
|
Treasury shares of Mount, Inc. at cost, which approximates market value |
P24,000 |
|
Idle machinery |
11,200 |
|
Cash surrender value of life insurance policy on corporate executives |
13,700 |
|
Allowance for decline in market value of available-for-sale securities |
8,400 |
At what amount should A’s net assets be reported in the December 31, 2020 statement of financial position?
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