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On January 1, 2016, YOU TOO CORPORATION purchased P1,000,000 10% bonds designated as financial asset at amortized cost. The bonds were purchased to yield 12%. Interest is payable annually every December 31. The bonds mature on December 31, 2020. On December 31, 2016, the bonds were selling at 99.On January 2, 2018, YOU TOO sold P500,000 face value bonds at 101. The bonds were selling at 103 on December 31 2018.
Problem 1: How much is the realized gain on sale of the investment in bonds on January 2, 2018?
Problem 2: How much should be reported as unrealized gain or loss as a component of equity on December 31, 2018?
Problem 3: If the entity elected the fair value option, how much should be recognized as unrealized gain for 2016?
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