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Problem - Arizona Company acquired a financial asset not held for trading during the last quarter of the year 2020 and measured it at fair value through other comprehensive income. An analysis of the investment in equity securities showed the following:
Security
Number of shares
Cost per share
Dec. 29, 2020 Fair Value
JFC
1,500,000
P226.20
DMCI
2,200,000
P9.10
ALI
3,000,000
P49.90
BDO
3,800,000
P137.40
Required -
a) Prepare one compound entry to record the purchase of the investment in equity securities.
b) What amount of unrealized loss or gain should be reported in Arizona Company's December 31, 2020 statement of other comprehensive income?
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