AUDITING PROBLEMS

You were able to obtain the following ledger details of Equity investment-FVTPL in connection with your audit of the I Will Corporation for the year ended December 31, 2020:

Date Particulars DR CR

Jan. 10 Purchase of Emong Co. - 6,000 shares P1,440,000

Feb. 20 Purchase of Bobads Co. - 7,200 shares 1,800,000

Mar. 1 Sale of Bobads Co. - 2,400 shares 540,000

May 31 Receipt of Emong share dividend -

Offsetting Credit to retained earnings 132,000

Aug. 15 Sale of Emong - 4,800 shares 1,176,000

Sept. 1 Sale of Emong - 1,200 shares 276,000

The following information was obtained during your examination:

From independent sources, you determine the following dividend information for 2020:

Nature Declared Record Payment Rate

Cash 01/02 01/15 01/31 P20/share

Share 05/02 05/15 05/31 10%

Cash 08/01 08/30 09/15 P30/share

Closing market quotation as at December 31, 2020:

Bid Ask

Emong shares P210 P220

Bobads shares 240 250

1. How much is the Net Gain or Loss on sale to be reported in the Statement of Comprehensive Income at 2020?
2. How much is the Unrealized Gain/Loss to be reported in Statement of Comprehensive Income Dec 31,2020
3. How much is the Total Dividend Income to be Reported on Dec 31 2020
4. How much is the Carrying amount of the Investment at Dec 31,202
5. How much is the Net Income to be Reported from the Investments at year end?