question archive During 2010, Little Company purchased trading securities at short-term investment

During 2010, Little Company purchased trading securities at short-term investment

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During 2010, Little Company purchased trading securities at short-term investment. The cost of the securities and their market value on December 31, 2010 follow:

Security                         Cost                               Market value

A

650,000

750, 000

B

1, 000,000

540, 000

C

2, 200,000

2, 260,000

Before any adjustment related to these trading securities, Little had net income of P3, 000,000 for 2010.

What is the net income after making necessary trading security adjustment?

a. 3, 000,000

b. 2, 700,000

c. 3, 300,000

d. 2, 540,000

 

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