On April 30, 2022, Harp Company purchased 12,000, P20 par ordinary shares of Spark Co. for P400,000. Transaction costs paid amounted to P20,000. The equity securities meet the definition of held for trading securities. On December 31, 2022, the shares are quoted at P40. If the shares are sold on this date, the cost to sell would be P2.00 per share. On January 3, 2023, 9,000 Spark Co. shares were sold at P44 per share. On July 1, 2023, Spark Co. effected 2-for-1 share split. On September 30, 2023, Spark Co. declared and distributed 20% stock dividends when the market value of each share was P48. The board of directors of Spark Co. passed a resolution on November 1, 2023 to the effect that the shareholders shall contribute P20 for each share held. Lastly, Spark Co. declared P10.00 cash dividends per share on December 15, 2023 to shareholders of record January 15, 2021, to be paid on January 31, 2021. On December 31, 2023, Spark Co. shares are quoted at P30 per share. If the shares are sold on this date, the cost to sell would be P2.40 per share.

 

Determine the following:

Initial measurement of the Investment in Spark Co. on April 30, 2022.

Amount to be presented as Investment in Spark Co. on December 31, 2022.

Unrealized gain on fair value changes in relation to Spark Co. shares to be reported for the year 2022.

 How much shall be recognized as gain or loss on sale of investment on January 3, 2023.