Essay
Metro Corporation reported the following transactions relating to its held for trading investments:Jan 1 Purchased 1,000 shares of London Ltd. shares for $64,000 cash.Jun 1 Received cash dividends of $5 per share on the London shares.Sep 15 Sold 250 London shares for $15,500.Dec 31 The fair value of the London shares was $49,250.Instructions
a. Record the above transactions and events.
b. Indicate where any revenues and gains or losses (realized or unrealized) would appear in the financial statements.
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(b) Since the fair value through profit...View Answer
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Correct Answer:
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(b) Since the fair value through profit...View Answer
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