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What amount of gain (loss) should ABC recognize on Dec 31, 20x1 and Jan 10, 20X2 respectively?   270,000; 228,000 280,000; 228,000 280,000 282,000 293,000; 220,000

What amount of gain (loss) should ABC recognize on Dec 31, 20x1 and Jan 10, 20X2 respectively?   270,000; 228,000 280,000; 228,000 280,000 282,000 293,000; 220,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On Jan 1, 20X1,  ABC purchased 24,000 shares of XYZ for P200,000 and paid commission of P10,000 on the acquisition. ABC designated the investment to be measured at FVOCI. On Dec 31, 20X1, the shares were quoted at P20 per share. On Jan 10, 20X2 were sold for P30 per share incurring P12,000 transaction costs. What amount of gain (loss) should ABC recognize on Dec 31, 20x1 and Jan 10, 20X2 respectively?

 

270,000; 228,000

280,000; 228,000

280,000 282,000

293,000; 220,000

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