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26. On January 1, 2020, Justice Company purchased a portfolio of bonds in accordance with the business model of managing financial assets by selling the
26. On January 1, 2020, Justice Company purchased a portfolio of bonds in accordance with the business model of managing financial assets by selling the bonds in the short term or in order to realize fair value changes. The acquisition cost is P4,800,000 and the face value of the bonds is P4,000,000. During 2020, no securities were sold and on December 31. 2020, the fair value of the bonds is P4,400,000. In December 2020, the entity acquired another entity that manages commercial bonds and has a business model that holds the bonds in order to collect contractual cash flows. As a consequence, the portfolio of bonds is no longer for sale, and is now managed to collect contractual cash flows. On December 31, 2021, the fair value of the bonds is P4,160,000. What is the carrying value of the investment in bonds on January 1, 2022
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