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On March 1, 2019, Teresita Company acquired 300 shares of Quirino Company at P35 per share including transaction cost of P2 per share, designated as Financial Assets at Fair Value through Other Comprehensive Income. Quirino Company has 4,000 outstanding shares at the time of purchase.
On June 30, 2019, Teresita Company received additional shares from Quirino Company as a result of 2 for 1 share split. On July 1, 2019, the company's accountant reclassified the assets to Financial Assets at Fair Value through Profit or Loss. On September 15, 2019, Teresita sold 200 shares at P25 per share. On December 31, 2019, the market value of the shares is at P27 per share.
Problem 1: How much is the realized gain or loss on sale on September 15, 2019?
a. P1,500 gain
b. P1,700 gain
c. P1,600 loss
d. P0
e. no answer
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