User Account

All Pages

How much is gain or loss on reclassification date

Assignment Help Accounting Basics
Reference no: EM132784319

Karen Company owns 8,000 convertible preference shares of which was acquired in 2017 at a cost of Php 400,000. On December 31, 2017, the par value of the preference share was Php 430,000.

Required: Based on the above, answer the following:

Problem 1: Assume that the investment is to be held as a trading securities and also assume that on August 31, 2018, Karen Company recorded a transfer of all shares to FVTOCI when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018?

Problem 2: Assume that the investment is to be held as a fair value through other comprehensive income securities and also assume that on August 31, 2018, Karen Company recorded a transfer of all shares to trading securities when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018?

Reference no: EM132784319

Questions Cloud

Discuss the importance of the balance of payments : Discuss the current account and its components and the capital and financial accounts and their components. Discuss the importance of the balance of payments
What would total equities be on march : What would total equities be on March 31st? They Acquired $8,200 of direct materials, 51% of which was acquired on open account
What is the ownership percentage of the vc : Assume the preferred stock is participating. At an exit value of $16,000,000, what is the payoff to the VC? What is the ownership percentage of the VC
What is the lease liability on December : Included in the annual rental is an amount of P3,000 to cover reimbursement for insurance paid by the lessor. What is the lease liability on December
How much is gain or loss on reclassification date : Karen Company recorded a transfer of all shares to trading securities when the fair value was Php 55/share. How much is gain or loss on reclassification date?
What specific extra must be identified and considered : What specific extra, cash outflows, must be identified and considered when calculating the internal manufacturing cost per piece.
Prepare the entry to record the revaluation of the equipment : Prepare the entry to record the revaluation of the equipment on December 31, 2019, and record depreciation on the equipment at December 31, 2020.
Prepare the entry to record the revaluation of the equipment : Prepare the entry to record the revaluation of the equipment on December 31, 2019, and record depreciation on the equipment at December 31, 2020.
Prepare the journal entry to record depletion : MAADEN estimates that 4,000 tons of coal can be extracted. If 700 tons are extracted the first year, prepare the journal entry to record depletion.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd