applied auditing

In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following Investment in Ordinary Shares and Dividend Income accounts were presented to you: Investment in Ordinary Shares DATE DESCRIPTION DEBIT CREDIT 01/15 10,000 ordinary shares, par P value P 50, Spikes Co. 390,000.00 04/30 5,000 shares from Spikes Co. 250,000.00 received as share dividend 05/20 Sold 5,000 shares @ P 25 P 125,000.00 12/10 Sold 6,000 shares @ P 60 120,000.00 Dividend Income DATE DESCRIPTION DEBIT CREDIT 04/30 Share dividend P 250,000.00 11/30 Spikes Co. ordinary 50,000.00 The following information was obtained during yourexamination: 1 From independent sources, you determine thefollowing dividend information: Type of Date Date of | Date of Rate Dividend Declared Record Payment Share 03/15/20 04/01/20 04/30/20 50% Cash 11/01/20 11/15/20 11/28/20 P 5 per share Cash 12/01/20 12/15/20 01/02/21 20% 2 Closing market quotation as at December 31, 2020: BID ASK Spikes Co. ordinary 13-3/4 16-1/2 REQUIRED: Based on the above and the result of your audit, answer the following: 1 How much is the gain (loss) on the May 20 sale? 2 How much is the gain on the December 10 sale? 3 How much is the total dividend income for the year? 4 How much is the adjusted carrying amount of Investment in Ordinary Shares as of December 31, 2020? 5 How much is the fair value adjustment loss for theyear ended December 31, 2020