Reference no: EM132840172
Question - On January 1, 2021, Jeremiah Company purchased trading equity investments which are irrevocably designated at FVPL:
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Security
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Purchase price
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Transaction costs
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Fair value, Dec. 31, 2021
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A
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P1,000,000
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P100,000
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P1,500,000
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B
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2,000,000
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200,000
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2,400,000
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C
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4,000,000
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400,000
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4,700,000
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On July 5, 2022, the entity sold Security C amounting to P5,200,000.
Requirements -
1. Determine the unrealized gain/loss on December 31, 2021?
2. Determine the net gain/loss reported on the income statement on December 31, 2021?
3. What are the related journal entries?
4. Assuming, the entity irrevocably designated it at FVOCI, how much is the unrealized gain/loss - FVOCI on December 31, 2021?
5. Assuming, the entity irrevocably designated it at FVOCI, how much is the net gain/loss reported on the income statement on December 31, 2021?
6. Assuming, the entity irrevocably designated it at FVOCI, what are the related journal entries?
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