Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on march 15, 2021, mercury corp. bought 10% of the

On March 15, 2021, MERCURY CORP. bought 10% of the 300,000 outstanding shares of DRUG...

90.2K

Verified Solution

Question

Accounting

image

On March 15, 2021, MERCURY CORP. bought 10% of the 300,000 outstanding shares of DRUG CORP. for P14.40 per snare. It was known to MERCURY that DRUG declared a cash dividend per share amounting to P2 40 per shere at the oeginning of the current month to be distributed on March 31, 2021, the date of record of which is on March 20,2021 . The market price of MERCURY snares on December 31 , 2021 is P20 and cost to sell of the shares is P1.50. REQUIREMENTS: Assuming the shares are held for tracing, what is the balance of investment in equity securities on December 31,2021 and the net amount to be presented in proft or loss in 2021

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Conscious Capitalism - Bikes Simulation I am sure individually each of you are happy/unhappy about the...

Basic Math
1.2K views

Iron-deficiency anemia is the most common form of malnutrition in developing countries, affecting about 50% of...

Biology
1.2K views

0 00 0 31 A B C C Speed 1x 2 00 Paused It is...

Basic Math
1.2K views

Trey bought 2 pounds of mixed nuts to serve at a party. According to the...

Calculus
1.2K views

Simplify completely assuming both x 0 and y 0 81x y8

Accounting
1.2K views

I WILL LIKE A CORRECT ANSWER thanks = Homework: Ch......

Accounting
1.2K views

Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares...

Accounting
1.2K views

In 2018, Frank Fox won $10,000 in a state lottery. He also lost $3,000 at...

Accounting
1.2K views

Solve by excel program

Accounting
1.2K views

Gross Profit During the current year, merchandise is sold for $181,400 cash and $466,400 on...

Accounting
1.2K views

Save Homework: Graded MAL HW #7 [Ch 8 & Ch 11] Spr 2020 Score: 14.4...

Accounting
1.2K views

Newman Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a...