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Question - Grand Company has 60,000 ordinary shares of Brand Corporation as an investment at fair value through other comprehensive income. These shares were acquired at fair market value, which was P80 per share on May 2, 2016.
On December 20, 2016, the market value of these shares is P90 per share. On December 22, 2016, Grand Company sold 42,000 shares of its investment in Brand Corporation for P85 per share. Market value of Brand's share has yet to change, it remained at P90 per share. What amount of realized gain or loss should Grand Company recognize in selling those shares?
a. 0
b. 210,000
c. 300,000
d. 420,000
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