During 2020, Reminiscent Company bought shares of another entity to be held for trading. 1 June December 1 20,000 shares @ P100 30,000 shares @ P120 2,000,000 3,600,000 Transactions for 2021 January 10 January 20 December 10 Received cash dividend at P10 per share. Received 20% share dividend. Sold 30,000 shares at P125 per share. 1. What is the gain on sale of investment using the FIFO approach? a. 1,150,000 b. 950,000 150,000 d. 550,000 C. 2. What is the gain on sale of investment using the average approach? a. 950,000 b. 750,000 c. 800,000 d. 900,000 3. What total amount should be reported as income from the investment using the FIFO approach? a. 1,650,000 b. 1,450,000 C. 1,750,000 d. 500,000