During 2017, Latvia Company purchased trading securities with the following cost and market value on December 31, 2017. Security Cost Market Value A – 1 000 shares 200 000 300 000 B – 10 000 shares 1 700 000 1 600 000 C – 20 000 shares 3 100 000 2 900 000 5 000 000 4 800 000 The entity sold 10 000 shares of security B on January 15, 2018, for P 150 per share. 1. What amount of unrealized gain or loss should be reported in income statement for 2017? 2. What amount should be reported as loss on sale of trading investmen
During 2017, Latvia Company purchased trading securities with the following cost and market value on December 31, 2017.
Security Cost Market Value
A – 1 000 shares 200 000 300 000
B – 10 000 shares 1 700 000 1 600 000
C – 20 000 shares 3 100 000 2 900 000
5 000 000 4 800 000
The entity sold 10 000 shares of security B on January 15, 2018, for P 150 per share.
1. What amount of unrealized gain or loss should be reported in income statement for 2017?
2. What amount should be reported as loss on sale of trading investment of 2018?
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