EFG Inc. changes its business model and determines the ff. info.

• carrying amount of financial asset under previous classification - 200,000
• fair value on reclassification date (Jan. 1, 2023) - 240,000

WHAT ARE THE ENTRIES TO BE RECORDED ON RECLASSIFICATION DATE UNDER THE FF. SCENARIOS?

1. FVPL to FVOCI (mandatory)
2. FVOCI (mandatory) to amortized cost - the cumulative balance of gain previously recognized in equity is 10,000
3. FVOCI (mandatory) to FVPL - the cumulative balance of gain previously recognized in equity is 10,000