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Karen Company owns 8,000 convertible preference shares of which was acquired in 2017 at a cost of Php 400,000. On December 31, 2017, the par value of the preference share was Php 430,000.
Required: Based on the above, answer the following: Problem 1: Assume that the investment is to be held as a trading securities and also assume that on August 31, 2018, Karen Company recorded a transfer of all shares to FVTOCI when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018?
Problem 2: Assume that the investment is to be held as a fair value through other comprehensive income securities and also assume that on August 31, 2018, Karen Company recorded a transfer of all shares to trading securities when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018?
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