During their first audit of KRIS COMPANY for the past calendar year, Santos, Cruz & Co., CPAS, examine the following accounts in the general ledger: Financial Assets at FVOCI 2020 :2020 Jan. 1 Balance P130,000:Jan. 15 CR Feb. 15 CD 10,240: P12,000 May 31 GJ 5,000: Oct. 31 CD 12,300: Investment Income :2020 : Feb. 15 CD P400 :March 31 CR 1,200 :May 31 G.J 5,000 :june 30 CR 1,600 :Sept. 30 CR 1,200 :Dec. 31 CR 150 The following information are related to the entries on the above accounts: 1. The chief accountant furnished the following details to support the opening balance of Jan. 1, 2020: Company Number Par Value Date Acquired Costs* Market Agusan Co. 100 P20.00 Feb. 4, 2019 P2,050 P2,200 Batangas Co. 10,000 2.00 March 7, 2019 20,500 19,500 Cavite Co. 500 100.00 June 5, 2019 51,250 52,000 Davao Railway 200 50.00 Aug. 8, 2019 10,250 12.300 Davao Electric** 20 2,000.00 Nov. 15, 2019 43,350 44,000 P127,400 P130,000 *Included brokers fees of 2.5% * *Acquired at 105%; interest is 6%p.a. payable every Sept. 30 & March 31 (No due date is given, so treat it as a trading security.) 2. Jan. 15, 2020- 4,000 shares of Batangas Co. were sold for P12,000 net of broker's commission.3. Feb. 15, 2020- 1,000 shares of Cebu Chromite Corporation were purchased for P9.60 per share (par value was P10.00 per share) plus P240 broker's commission. 4. March 31, 2020- Received semi-annual interest of Davao Electric bonds. 5. May 31, 2020- Received stock dividends of one share for every ten shares of Cavite Co. 6. June 30, 2020- Received liquidating dividends from Agusan Co.(merchandising company). 7. Sept. 30, 2020- Received semi-annual interest from Davao Electric. 8. Oct. 31, 2020- Bought 500 shares of Kris Company's stock at P24 per share (par value is P20) plus P300 broker's commission. 9. Dec. 31, 2020- Received net proceeds from the sale of 1,000 Batangas stock rights. The company received stock rights from Batangas Company which entitled an old stockholder a number of new shares equivalent to 50% of its holdings. The market value at the date of the issuance was P2.4 ex-right, while the right sells at PO.10 per right. The quotation on the Stock Exchange at Dec. 31, 2020 were as follows: Bid Asked Agusan Co. Not quoted Batangas Co. P2.40 P2.40 100.00 Cavite Co. 101.50 46.00 48.00 Davao Railway 102.00 Davao Electric 8.00 10.00 Cebu Chromite Corp. 22.00 23.00 Kris Company REQUIRED: 1. Prepare the auditor's adjusting entries to update the books as of Dec. 31. 2020. 2. Prepare another set of auditor's adjusting entries to update the books as of Dec. 31, 2020, assuming the account is entirely Trading Securities