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Question - Black Corp. has 60,000 shares of Green's ordinary share as EQUITY INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME. These shares were acquired at fair market value, which was P80 per share on May 02, 2020. On December 20, 2020, the market value of these shares is P90/share. On December 22, 2020, Black Corp. sold 42,000 shares of its investment in Green for P92/share, which is the current quoted price also in the market, and incurred a commission expense of P8,000. The market value of Green's stock has increased by P3 per share by year-end. The company's policy is to derecognize the related amount in the OCI whenever the EI@FVTOCI was disposed of.
Required -
1) What amount of unrealized gain or loss should be recycled in the profit or loss as a result of the disposal of 42,000 shares?
2) What amount of unrealized gain should Black Corp. report in its December 31, 2020 Statement of Financial Position?
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