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On January 2, 2020, Theodora Company purchased 40.000...

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Accounting

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On January 2, 2020, Theodora Company purchased 40.000 shares of Byzantine, Inc. stock at P100 per share. Brokerage fees amounted to P120,000. APS dividend per share of Byzantine, Inc. shares had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. The shares are designated as FVTOCI. On December 31, 2020 the investment has a fair value of P4.200.000. How much should be recognized in the 2020 other comprehensive income related to these securities? On 1 January 2020, an entity purchased a debt instrument at its face value of P1,000,000. The contractual term is ten years with an annual coupon of 6%. On 31 December 2020, the fair value of the instrument decreases to P955,000. 12-month expected credit losses as determined under the impairment model are P25,000. Which statement is correct if the debt instrument is classified as FA@FVTOCI? The amount to be reported on the entity's December 31, 2020 statement of financial position is P930,000. The net amount to be recognized in 2020 profit or loss is P60,000. O None of these The amount to be recognized in 2020 other comprehensive income is P45,000

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