Reference no: EM132943724

ABC Company acquired an equity investment for Php2,000,000 on April 1, 2020 that is designated as a financial asset at fair value through other comprehensive income. The fair value of the investments are as follows:

Date                        Fair Value
44,012.00         2, 500,000.00
44,104.00           2 300,000.00
44,196.00             2 450,000.00

Problem 1: How much is the other comprehensive income in the statement of financial position as of the end of the 3rd quarter, September 30, 2020?

Option 1: P300,000 gain
Option 2: P150,000 gain
Option 3: P200,000 loss
Option 4: P500,000 gain
Option 5: None of the above

Problem 2: How much is the other comprehensive income in the comprehensive income statement for the quarter ended, September 30, 2020?

Option 1: P300,000 gain
Option 2: P150,000 gain
Option 3: P200,000 loss
Option 4: P500,000 gain
Option 5: None of the above