Supporting records of MAYON CORPORATION's trading securities portfolio show the following debt and equity securities: Security Cost Fair Value 400 ordinary shares Concave Co. P 254,500 P 243,000 P800,000 Tipo Co. 7% bonds 796,500 774,000 P1,200,000 Turkey Co. 7 1/2% bonds 1,207,500 1,218,900 Totals P2,258,500 P2,235,900 Interest dates on the bonds are January 1 and July 1. Mayon Corporation uses the income approach to record the purchase of bonds with accrued interest. During 2018 and 2019, Mayon completed the following transactions related to trading securities: 2018 Jan. 1 Received semiannual interest on bonds. Assume that the appropriate adjusting entry was made on December 31, 2017. April 1 Sold P600,000 of 7 1/2% Turkey bonds at 102 plus accrued interest. May 21 Received dividend of P1.25 per share on the Concave ordinary share capital. The dividend had not been recorded on the declaration date. July 1 Received semiannual interest on bonds and then sold the 7% Tipo bonds at 97 1/2. Aug. 15 Purchased 200 shares of Newman, Inc. ordinary share capital at P580 per share plus brokerage fees of P500. Nov. 1 Purchased P500,000 of 8% Toll Co. bonds at 101 plus accrued interest. Brokerage fees were P1,250. Interest dates are January 1 and July 1. Dec. 31 Market prices of securities were: Concave ordinary shares P550 7 1/2% Turkey bonds 101 3/4 8% Toll bonds 101 Newman ordinary shares P583.75