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On December 15, 2019, Peter Senen Company entered into a call option contract that gives the right but not an obligation to purchase 3,000 shares issued by Ethel Company on April 15, 2020, at an exercise price (strike price) of P100 per share. Peter senen paid P3 for each option shares.On December 31, 2019, market data suggests that Peter Senen Company could sell option for P4 and Ethel Company's share are selling at P100 per share. On April 15, 2020, the fair value of each option is P10 and Ethel Company's share are selling at P110 per share.
Problem 1: If Peter Senen Company exercised its right on April 15, 2020, what should be the initial cost of its new investment assuming the new investment is classified as available for sale?
a. P330,000
b. P300,000
c. P312,000
d. P309,000
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