2-4. Classification, acquisition, measurement, and disposal of equity securities, illustrative working paper. You were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, your first-time audit of the client. The current asset portion of Classic Corporation's statement of financial position shows the following information as of December 31, 2019: Current Assset Note As of December 31, 2019 Cash and cash equivalents 5, 14 P 3,985,000 Receivables, net 6,14 7,742,000 Inventories 7 15,859,000 Short-term investments 8,14 3,280,000 Other current assets 10 352,000 Total Current Asset 31,218,000 Note 8 on investments described the investments as equity securities held primarily for being traded to take advantage of price fluctuations in the market. The following information shows the breakdown of the investment account per client's subsidiary records: Held for Trading Securities: Securities No. of Shares Market Price Amount SMC Ordinary 5,000 176 P 880,000 AC Ordinary 3,000 800 2,400,000 Total P3,280,000 You were able to verify that the quantity and valuation of the shares as of December 31, 2019 were appropriate. Based on your substantive test of details of transactions and balances for the investment account you gathered the following information for 2020: 1. SMC declared and distributed 10% bonus issue to its shareholders on February 1, 2020. 2. On March 31, 2020 AC declared and paid P5.00 cash dividend to its shareholders. 3. On May 30, 2020 Classic Corporation sold 550 shares of SMC ordinary shares for P200 per share. 4. On July 1, 2020 Classic Corporation acquired 1,000 ordinary shares of Excel Company for P26 per share. Classic Corporation paid P2,000 in transfer taxes and commissions. The company designated the shares at fair value through other comprehensive income. 5. On November 30, 2020, Classic Corporation sold 1,000 shares of AC ordinary for P780.00 per share. 6. On December 15, 2020 AC declared P2 cash dividend per share on its ordinary shares, payable on January 31, 2021 to shareholders of record as of December 30, 2020. 7. Refer to WB for HO.2 excel file for market prices of the equity investments as of December 31, 2020. Answer the following questions: 1. How much equity investments at fair value through profit or loss should be presented by Classic Corporation in the current assets portion of its statement of financial position as of December 31, 2020? 2. How much equity investments at fair value through other comprehensive income should be presented by Classic Corporation in the non-current assets portion of its statement of financial position as of December 31, 2020? 3. How much investment income (loss) should be presented in profit or loss in 2020? 4. How much investment income (loss) should be presented in other comprehensive income in 2020? 5. How much cumulative gains or losses should be presented as a separate component in shareholders' equity related to equity investments at fair value through other comprehensive income as of December 31, 2020