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PROBLEMS

The document outlines the financial transactions of Skyline Company regarding its marketable equity securities for the years 2023 and 2024. It includes details on the cost and market values of trading and non-trading securities, as well as a sale of B ordinary shares. The requirement is to prepare journal entries for these transactions.

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364 views

PROBLEMS

The document outlines the financial transactions of Skyline Company regarding its marketable equity securities for the years 2023 and 2024. It includes details on the cost and market values of trading and non-trading securities, as well as a sale of B ordinary shares. The requirement is to prepare journal entries for these transactions.

Uploaded by

pretzel.bergantinos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PROBLEMS Required: : 2,500,000

Problem 15-1 (IAA) 2,900,000


Skyline Company provided the following with
respect to marketable equity securities held as Prepare journal entries to record the
trading transactions December 31, 2024

1.The entity carried the following securities on


December 31, 2023: Problem 15-2 (IAA) Trading securities
Cost Securities not held for trading
Market
A Ordinary - 4,000 shares 330,000 Splendid Company purchased equity securities
300,000 during 2023 to 2,000,000
B Ordinary - 1,000 shares 200,000 be held as investments. The cost and market 3,000,000
160,000 value of the
C Preference - 2,000 shares 300,000 investments are:
310,000 2,200,000
830,000 2,300,000
770,000 December 31, 2023

T'he securities not held for trading are


2. On June 30, 2024, the entity sold all the B Cost measured at fair value
ordinary shares for P140,000. through ther comprehensive income by
irrevocable election
3. On December 31, 2024, the securities are Trading securities
quoted as follows: Securities not held for trading
Required:
A Ordinary 80
C Preference 180 Market
Prepare journal entries for 2023 and 2024.

2,000,000
3,000,000

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