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Question - On January 1, 20x1, ABC Co. purchased 10,000 shares of XYZ, Inc. for P1,000,000. Commission paid to broker amounted to P15,000. Management made an irrevocable choice to subsequently measure the shares at fair value through other comprehensive income. On December 31, 20x1, the shares are quoted at P90 per share. On January 3, 20x2, all of the shares were sold at P105 per share. Commission paid for the sale amounted to P16,000. How much is the unrealized gain (loss) recognized in ABC's 20x1 profit or loss?
Use this information to prepare the General Journal entry(ies) for January 2 purchase and the December 15 & 31, 2017 record of income & gain/loss
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