(b) What net effect would these valuations have on the 2001 and 2002 profit or loss?

justmen account 12. Webster Inc. carries the following marketable equity securities on its books at December 31, 2001 and 2002. All securities were purchased during 2001 and there were no beginning balances in any market adjustment accounts. Held for Trading Securities: y Company w Company Company Total Cost P50,000 26,000 70,000 P146.000 Fair Value 12.31. 2001 P26,000 40,000 60,000 P126.000 Fair Value 12.31. 2002 P40,000 40,000 50,000 P130,000 FVOCI (election) Securities: Y Company P420,000 z Company 100,000 Total P520.000 P360,000 120,000 P480.000 P100,000 140,000 P240,000 Requirements: (a) Give the entries necessary to record the valuations for both held for trading and FVOCI (election) securities at December 31, 2001 and 2002. (b) What net effect would these valuations have on the 2001 and