AUDIT OF INVESTMENTTRADING SECURITIES1(a) As of December 31, 2021, the equity investment portfolio consisted of the fInvestmentQuantityCostFair ValueA, Inc.1,000 sharesP45,000P63,000B, Co.2,000 shares120,000126,000C, Corp.2,000 shares216,000180,000TotalsP381,000P369,000REQUIRED:(1) In the December 31, 2021, statement of financial position, what should be r(2) In the 2021, income statement, what amount should be reported as unrealiSelecta Corp. invested its excess cash in equity securities during 2021. the bustrading on price changes.
Get answer to your question and much more
InvestmentQuantityCostFair ValueA, Inc.1,000 sharesP45,000P60,000A, Inc.2,000 shares99,000120,000C, Corp.2,000 shares216,00066,000D Company1,000 shares48,00036,000Totals408,000282,000Required:(3) What is the gain or loss on the sale of B. Company investment?(4) What is the carrying amount of the investments in December 31, 2022?(5) What amount of unrealized gain or loss should be reported in the income st(b) During the year 2022, Selecta Corporation sold 2,000 shares of B Companyand 1,000 shares of D Company. On December 31, 2022, Selecta's equity secuSOLUTION:3Compare the selling price of the shares (investments) and itsSelling Price114,600
