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Investments 505 5. Prepare the journal entries assuming the investment portfolio is classified as held for trading securities and Glass Co. uses a fair value adjustment account. (&) Hint: The amount of fair value adjustment that is derecognized when an investment that is part of a portfolio of held for trading securities is sold is computed as the difference between the last fair valuation of that investment and its original cost.) 6. Glass Co. irrevocably elected to measure the investment at FVOCI. Glass Co. does not use a fair value adjustment account. Requirements: a. Prepare the journal entries. b. Compute for the cumulative balances of gain (loss) presented in equity on Dec. 31, 20x1 and 20x2, respectively. c. Compute for the cumulative balance of gain (loss) that is transferred directly in equity on Jan. 5, 20x3.Fact pattern for the next three items: Information on Glass Co.'s investment portfolio consisting of equity securities is as follows: Acquisition Cost Fair value Fair value 12/3/x1 12/31/x1 12/31/x2 Scaffolding Co. shares 100,000 120,000 110,000 Spandrel Co. shares 80,000 30,000 90,000 Totals 180,000 150,000 200,000 Additional amounts of P4,500 and P3,800, representing taxes, were paid in acquiring the Scaffolding Co. shares and the Spandrel Co. shares, respectively. On Jan. 5, 20x3, all the Spandrel Co. shares were sold for P92,000. Transaction costs of P3,000 were incurred on the sale. 4. Prepare the journal entries assuming the investment portfolio is classified as held for trading securities and Glass Co. does not use a fair value adjustment account