During the course Of your audit Of the 2018 financial Statements Of your first-time client, PRUTAS Corporation, were able to obtain the balances of your client'g invegtment accounts, ag follows: Financial Assets at FVPL Financial Assets at FVOCI Financial Aggetg at Amortized Cogt Investment Properties 5,000,000 Additional information related to client's investment accounts are as followz: The business model of your client is collecting contractual cash flows that are solely principal and interest payments at specified dates. The financial assets at FVPL account consists Of the following; 0 10,000 shares Of APOL Corporation's 100,000 outstanding shares. These shares were bought on July 5, 2017 for P120 per share. Entries to follows : July 5, 2017 Nov. g, 2017 Dec. 31, 2017 Dec. 31, 2018 Financial Agsetg at FVPL To record purchase of 10,000 shares of APOL Corpo ra tion at P 120 per share, plus P50,OOO transaction costs. Cash Dividend Income To record receipt of PIO per ghare dividend from Corpo r ation. Financial Assets at FVPL Unrealized Gain - Pl. To record increase in thc fair value of APOL Corporation s shares to P 130 per share. Unrealized - Pl. Financial Agsets at FVPL To record decrease in the fair value of APOL 1,250,000 1,250,000 100,000 100,000 50,000 50,000 80,000 80,000 Corpora tion s shares to P 122 per share. 0 100,000 ghareg of BANANA Corporation'g 400,000 outstanding shares. These shares were bought last July I , 2018 for P 12 per share, when the net assets of the company P4,gOO ,OOC. The by Client provides Significant BANANA. However, accountant inadvertently accounted for such investment as financial asset at FVPL. The entries related to the shares are as follows: July 1, 2018 Dec. 1, 2018 Dec. 31, 2018 Financial Aggers at FVPL TO record purchase Of 100,000 shares Of BANANA Corporation at p 12 per Dividend Income TO receipt Of 60 per BANANA corporation. Financial Aggers at FVPL Unrealized Gain PL TO record increase in the fair value Of BANANA Corporation's to p per 1,200,000 1,200,000 60,000 60,000 140,000 140,000 The net income of BANANA for 2018, which wag earned evenly throughout the year, total to P840,ooo. The financial assets at FVOCI account consists of 200,000 shares of CHERRY company's to present OCI_ The Shares were bought on March 4, 2017 for PIO per ghare. The only entry made related to this investment ig the entry for the acquisition, which ig considered to be correct. The fair value of the ghareg ag of December 3 L, 2017 and December 31, 2018 are P22 per share, and PIS per share, respectively. No dividends were declared by CHERRY for 2017 and 201 g. The financial asset at amortized cost is a debt securlty issued by DURIAN, Inc. last January I, 2017. The face value of the five-year 10% note is Interest is paid every December 31. The security is purchased for which yields a rate of 12%. Entries related to the investment are shown below. Jan. 1, 2017 Dec. 31, 2017 Dec. 31, 2018 Financial Assets at Arnortized Cost cash Interest Income To record the purchase of DURIAN , Inc. 's five-year debt securities, with face value of for Interest Income To record annual interest of P500,OOO. In terest Income TO record annual interest Of P500,OOO. 360,000 500,000 soo,ooo 500,000 soo,ooo The property, being leaged out by the company to different leggees under an operating leage, v.vag purchagecl for last January 2, 2018. The whole property hag egtimated useful life of six (6) years from the date of acquisition, and thc cost model is used by thc company in accounting for its investment properties. mether imastigation revealed that a portion of thc property, which can be valued separately, is occupied for administrative purposes. The value of this portlon at acquisition date is PS, 000 ,OCO Entries related to the imstment are presented below: Jun. 2, 20 Ig Investment Properties To record purchase of investment property for Dec. 31, 2018 Depreciation Expense Depreciation Propertie g To record annual depreciation of PS