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How much is the gain on sale on january

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Reference no: EM133131327

Question - Luxemburg Company purchased the following investments during 2021:

 

Initial Cost

Transaction cost

Fair value Year-end 2021

Security A

P365,000

P29,200

P416,000

Security B

747,000

59,760

804,000

On January 3, 2022, the entity sold all of the shares of Security B for P888,000.

No other activity occurred during 2022 concerning the portfolio.

Assuming trading securities - FVPL, how much is the gain on sale on January 3, 2022?

Reference no: EM133131327

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