Exercise 8 (Stock Rights - Equity Investments at fair value through Other Comprehensive Income): Melody Corporation holds ordinary shares of Music, Inc. acquired as follows: Date of Acquisition Shares Total Cost September 19, Year 2 750 P60,000 July 16, Year 1 1,250 110,000 The shares above were classified as equity investments at fair value through other comprehensive income. Fair values on December 31, Year 1 and Year 2 were P85 and P90 respectively. In Year 3, Melody Corp. received 2,000 rights to purchase Music, Inc. ordinary shares at P80 per share. Five rights are required to purchase one share. Melody used rights to purchase additional 300 shares of Music, Inc. when each share sells at P100. Subsequently, Melody sold the remaining rights at P4.50 each. At December 31, Year 3, Music Inc. ordinary shares sell at P98. REQUIRED: (a) Determine the amount of the equity account Unrealized gains or Losses on Equity Investments at fair value through Other Comprehensive Income as a result of the change in fair value for years 1 and 2. (b) Determine the amount taken to other comprehensive income as a result of the change in fair value for years 1 and 2. (c) Prepare entries in the books of Melody Corporation during Year 3 as a result of the foregoing.