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Stock Split and Special Assessment
On January 1 of the current year, Phobos Company acquired 10,000 shares of Investment in equity designate as at Fair Value through Other Comprehensive Income of Deimos Company at P400,000 plus brokerage expense of P20,000. On March 1 of the current year, Deimos Company ordinary shares was split on a 5-for-2 basis. On October 1, Deimos Company made a special assessment of P3.20 per share on all ordinary shareholders. Phobos Company accordingly paid the assessment. The fair value on December 31 amounted to P30 per share.
The total number of shares at the end of the year. The unrealized gain to be presented in the other comprehensive income for the current year.
Question 1: Journal entry on January 1.
Question 2: Journal entry on December 31.
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