Exercise 1: GENIOUS Co. provided you with the following information regarding its investment in equity securities classified as financial assets at FVTPL. December 31, 2018 Cost Fair value Cavaliers Co. 1,000 sh. 21,000 19,000 Matthew Inc. 500 sh. 10,000 9,000 David Corp. 200 sh. 20,000 23,000 Apollo 1,000 sh. 15,000 17,000 66,000 68,000 The following transactions and events transpired in 2019: a. A cash dividend of P4,000 was received from David Corp. on December 1, 2019. b. A 10% stock dividend was declared and issued in October by Cavaliers Co. when the market value per share was P22. c Apollo shares were sold during the year for P16,500. The market values per share of the stocks at December 31, 2019 are as follows: Cavaliers Co. P20 Matthew Inc. P14 David Corp. P85 Required: 1. How much is the dividend income that should be recognized in 2019? 2. What should be recognized in P&L on sale of Apollo shares? 3. What is the effect of change in fair value of financial assets at FVTPL on the net income of 2019