Reference no: EM132915559
TABUNO COMPANY purchased 150,00 shares of Apostol Company ordinary shares on July 1, 2016 @ P66 per share, which reflected book value as of that date. At the time of purchase, Apostol Co. Had P1,000,000 ordinary shares outstanding. TABUNO had no ownership interest in Apostol prior to this purchase. Apostol reported net income of P3,360,000 for the six months ended June 30,2016. TABUNO received a dividend of P420,000 from Apostol on August 1, 2016. Apostol reported net income of P7,200,000 for the year ended December 31, 2016, and again paid TABUNO dividends of P420,000. Quoted price at December 31 is P70 per share.
On January 1, 2017, TABUNO sold 100,000 ordinary share of Apostol Company for P68 per share and reclassifies the remaining share as fair value through comprehensive income securities. The quoted market price of such investment on January 1, 2017 was P69 per share. Apostol reported net income of P7,440,000 for the year ended December 31, 2017, and paid TABUNO dividends of P240,000. The fair value of Apostol ordinary share at December 31, 2017 was p72 per share.
Problem 1: The amount of unrealized gain should be reported in the 2017 statement of comprehensive income as component of stockholder's equity section?
A. 0
B. 150,000
C. 528,000
D. 378,000
E. Answer not given
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