Reference no: EM132744518
The ledger account for the long term investments of Fresh Company showed a balance of Php 155,000 as of December 31, 2017. An analysis of the account showed the following details:
Common treasury stock Bacolod Airport Co., 200 shares bought at Php 100 per share Php 20,000
Common stock of Asean Co., a 90% subsidiary 20,000 100 SMC bonds (par value 1,000) bought on May 1, 2015,
Retireable on May 1, 2027, interest at 18% payable Semi-annually on May 1 and November 1 of each year.
The company holds this security for the income to be Derived therefrom. Purchase price, Php 115 115,000
Problem 1: How much is the correct balance of the permanent investment account as at December 31, 2017?
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