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How much will be unrealized gain to be recognized pandora

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Reference no: EM132869602

The PANDORA Corporation had an equity security costing P100,000, (excluding P2,000 brokerage fees) carried at AFS as of December 21, 2014. On December 31, 2014, the fair value of this security was P105,000. On January 31, 2015, PANDORA reclassified the investment as FVPL. On the date of reclassification, the fair value of the investment was P106,000, while on December 31, 2015, the fair value had risen to P110,000.

Question 1. What will be the unrealized gain or loss to be recognized in PANDORA's income statement for 2015?

A. P3,000

B. P4,000

C. P5,000

D. zero.

Question 2. Assume that the securities were carried at FVPL on December 21, 2014, and was later reclassified at AFS on January 31, 2015 due to global recession, how much will be the unrealized gain or loss to be recognized in PANDORA's other comprehensive income for 2015?

A. P3,000

B. P4,000

C. P5,000

D. zero.

Question 3. Assume that the securities were treated under PFRS 9 (FVOCI), and later reclassified as FVPL, what will be the unrealized gain or loss to be recognized in PANDORA's income statement for 2015?

A. P3,000

B. P4,000

C. P5,000

D. zero.

Reference no: EM132869602

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