Gera Corporation owns two financial investments in the shares of listed companies. Details of which are as follows:   Investment  1 – Acquired on September 1, 2020, at a cost of P50,000 with a Fair value of P60,000 at year-end for the purpose of trading. Investment 2 -  Acquired on August 1, 2020, at a cost of P25,000 to hold indefinitely. Its fair value at year-endis P20,000. What are the amounts to appear in the statement of Profit and Loss for the year ended September 30, 2020

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gera Corporation owns two financial investments in the shares of listed companies. Details of which are as follows:

 

Investment  1 – Acquired on September 1, 2020, at a cost of P50,000 with a Fair value of P60,000 at year-end for the purpose of trading.

Investment 2 -  Acquired on August 1, 2020, at a cost of P25,000 to hold indefinitely. Its fair value at year-endis P20,000.

What are the amounts to appear in the statement of Profit and Loss for the year ended September 30, 2020?

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