Reference no: EM132979934
Question - See Company had trading and non-trading investments held throughout 2020 and 2021. The non-trading investments are measured at amortized cost. The investments had a cost of P6,000,000 for trading and P7,500,000 for non-trading. The investments had the following fair value at year-end:
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Security
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December 31, 2020
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December 31, 2021
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Trading
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7,200,000
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6,750,000
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Non-trading
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6,300,000
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6,900,000
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1. What amount of unrealized gain or loss should be reported under profit or loss for 2021?
a. P600,000 gain c. P750,000 gain
b. P450,000 loss d. P600,000 loss
2. If the non-trading is classified as FVOCI, what amount of cumulative unrealized gain or loss should be reported as component of other comprehensive income in the statement of changes in equity on December 31, 2021?
a. 600,000 loss c. P150,000 loss
b. 600,000 gain d. P150,000 gain
3. If on April 1, 2021, half of the trading securities are sold for P3,225,000, how much is the gain or loss on sale to be recognized for 2021?
a. P225,000 gain c. P3,975,000 loss
b. P375,000 loss d. P150,000 loss
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