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How much is total gain or loss to be recognized

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Question - On January 1, 2020, First company has acquired 1,000 shares of another company at P9 per share in the Philippine Stock Exchange. A total of P1,000 of transaction costs were incurred. Prior experience showed that First normally takes advantage of short-term market price fluctuation. At the end of 2020, the market price of the shares is P13 per share and this was sold at P15 per share on January 3, 2021. How much is total gain/(loss) to be recognized in profit or loss statement for the year 2021?

Reference no: EM133176021

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