PROBLEM ABC Co. changes its business model and determines the following information: Carrying amount of financial asset under previous classification 300,000 Fair value on reclassification date (January 1, 20x3) 360,000 Requirements: Provide the entry (entries) on reclassification date under the following scenarios: Amortized cost to FVPL FVPL to Amortized cost Amortized cost to TVOCI (mandatory) FVOCI (mandatory) to Amortized cost - the cumulative balance of gain previously recognized in equity amounts to P15,000. FVPL to FVOCI (mandatory)

PROBLEM ABC Co. changes its business model and determines the following information: Carrying amount of financial asset under previous classification 300,000 Fair value on reclassification date (January 1, 20x3) 360,000 Requirements: Provide the entry (entries) on reclassification date under the following scenarios: Amortized cost to FVPL FVPL to Amortized cost Amortized cost to TVOCI (mandatory) FVOCI (mandatory) to Amortized cost - the cumulative balance of gain previously recognized in equity amounts to P15,000. FVPL to FVOCI (mandatory)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.4MBA

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