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Question - Instrument Corp. has the following investments which were held throughout 2017-2018:
Fair Value Cost 12/31/17 12/31/18
Trading P300,000 P400,000 P380,000
Non-trading 300,000 320,000 360,000
Income tax rate is 30%.
1. What amount of unrealized gain or loss would Instrument Corp. report in its profit or loss for the year ended December 31, 2018 related to its investments?
a. 14,000 gain
b. 14,000 loss
c. 20,000 loss
d. 20,000 gain
2. What amount would be reported as accumulated other comprehensive income related to investments in Instrument Corp.'s statement of financial position at December 31, 2018?
a. 28,000 gain
b. 40,000 gain
c. 42,000 gain
d. 60,000 gain
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