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Investment in Equity Securities (Trading Securities or FACFV Through P/L and Available for Sale Securities or FA@TV Through OCI PAS 32, PAS 39, PFRS 7, PFRS 9) Problem 1. As a newly promoted manager of Isla Lipana & Co., you are assigned to audit the Investment transactions of Meryl Lynch Inc. which is an investment banker and broker-trader. During 2021 and 2022, the company has the following transactions: 2021 On January 1,2021, Meryl Lynch acquired 20,000 Ordinary Shares of BPI Inc., a public entity, for P10 per share, Meryl Lynch also paid broker fees and transfer taxes totaling P10,000 in relation to the purchase. The investment is acquired for the purpose of selling in the short-term and for short-term profit taking. On February 1,2021, Meryl Lynch purchased 10,000 Preference Shares of BDO Inc., a public entity, for P14 per share, Meryl Lynch also paid broker fees and transfer taxes totaling P20,000 in relation to the purchase. The investment is held for undetermined purpose. Meryl Lynch irrevocably designated the Investment in Preference Shares of BDO Inc. at fair value through other comprehensive income On September 1,2021, Meryl Lynch received P1 per share cash dividend from BPI Inc. On October 1,2021, Meryl Lynch received P2 per share cash dividend from BDO Inc. On December 31,2021, the quoted prices of the those shares are presented as follows: Shares Bid Price Asking Price BPI Ordinary Shares P12 P15 BDO Preference Shares 10 16 2012 On July 1,2022, Merly Lynch sold 10,000 Ordinary Shares of BPI Inc. for PB per share less disposal cost of P5,000. On August 1,2022, Meryl Lynch sold 5,000 Preference Shares of BDO Inc. for P12 per share less disposal cost of P3,000. On September 1,2022, Meryl Lynch received a 10% share dividend from BPI Inc. On October 1,2022, Meryl Lynch received a 20% share dividend from BDO Inc. On December 31,2022, the quoted prices of the those shares are presented as follows: Shares Bid Price Asking Price BPI Ordinary Shares PB P12 BDO Preference Shares 20 10 Required: A. Prepare the Entry for the preceding transactions: B. Based on the result of your audit, determine the following: 1. Initial Measurement of Investment in BPI Ordinary Shares 2. Initial Measurement of Investment in BDO Preference Shares 3. Total Dividend Income in 2021 4. Unrealized holding gain or (loss) in Profit or Loss in the Income Statement for 2021 5. Unrealized holding gain or (loss) in Other Comprehensive Income in the Statement of Comprehensive Income for 202 6. Carrying value of Investment in BPI Ordinary Shares on December 31,2021 7. Carrying value of Investment in BDO Preference Shares on December 31,2021 8. Realized gain or (loss) on sale of BPI Ordinary Shares in 2022 9. Net debit or credit to Retained Earnings under PFRS 9 due to disposal of FAFVOCI in 2022 10. Total Dividend Income in 2022 11. Unrealized holding gain or (loss) in Profit or Loss in the Income Statement for 2022 12. Unrealized holding gain or (loss) in Other Comprehensive Income in the Statement of Comprehensive Income for 2022 13. Cumulative unrealized holding gain-credit or (loss-debit) in Statement of Financial Position (SHE) as of December 31, 2022 14. Carrying value of Investment in BPI Ordinary Shares on December 31,2022 15. Carrying value of Investment in BDO Preference Shares on December 31,2022