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What is the gain from re-measurement to fair value

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Question - Hungary Company purchased 30,000 ordinary shares of the 100,000 outstanding shares of Budapest Inc representing 30% Interest, several years ago. At current year- end, the investment In associate has a carrying amount of P9,600,000. On the same date, Hungary sold 20,000 shares for net proceeds of P8,000,000 resulting to a loss of significant influence. The quoted market price for such investment is P416 per share on the data of sale.

Required -

1. What is the gain from re-measurement to fair value?

2. What amount is debited to Financial asset - FVPL when the retained.

Reference no: EM133099179

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