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What cumulative amount of unrealized loss should be reported

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Question - Iceland Company acquired an equity investment a number of years ago for P3,000,000 and classified it as at fair value through other comprehensive income. On December 31, 2020, the cumulative loss recognized in other comprehensive income was P400,000 and the carrying amount of the investment was P2,600,000.On December 31, 2021, the issuer of the equity instrument was in severe financial difficulty and the fair value of the equity investment had fallen to P1,200,000.

Required - What cumulative amount of unrealized loss should be reported as component of other comprehensive income in the statement of changes inequity for the year ended December 31, 2021?

Reference no: EM132826647

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