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How much is the unrealized gain in the profit or loss

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Question 1 - The 2019 financial statements of Third company showed that they have a financial assets at FVOCI with a carrying value of P25,000 and according to the notes to financial statement, this investment was purchased at P28,000 not a long time ago. On May 5, 2020, third sold 30% of this investment at P10,000. As of December 31, 2020, the remaining shares have a market price of 10% less than its carrying value as of the previous year. The said decrease in market value is deemed other than temporary. How much is the impairment/expected credit loss for the year 2020?

Question 2 - Fourth company bought an FVPL investment on January 1, 2020 for a total cost P80,000. As of December 31, 2020, the fair value of the investment is P90,000. On January 1, 2021, the company decided to reclassify the investment at FVOCI and this was carried in the company's books at FVOCI classification for the entire year of 2021. The fair value of this investment is P95,000 as of December 31, 2021. How much is the unrealized gain(loss) in the profit or loss statement for the year 2020?

Reference no: EM133163235

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