Use the chart of accounts below for journal entries:

Account No.Account Titles

101Cash

102Trading securities - Yama Preference

103Trading securities - Yama Ordinary

104Share rights

105Investment in Maya Company at FVOCI

106Dividend income

107Other income

108Other expenses

109Unrealized gain (loss) from fair value change of trading securities1

10Unrealized gain (loss) from fair value change - OCI

An entity has the following transactions on its various financial assets in equity instruments:

2021transactions in chronological order:

(a)Purchased 3,000 shares of Yama Corporation for Php40 per share.Transaction costs amounted to Php2,000.The entity holds this investment for trading purposes.

(b)Acquired 10,000 shares of Maya Company for long-term purposes.The entity paid a total of Php505,000, inclusive of Php5,000 transaction cost.The entity elected to recognize fair value changes from this investment in other comprehensive income.

(c)Yama Corporation declared and paid Php400,000 dividend to all of its 100,000 outstanding shares.

(d)20% share dividend was issued by Maya Company.The Maya shares have a fair value of Php52 per share.

(e)Cash dividends were given to Maya ordinary shareholders for Php5 per share.

(f)Maya Corporation issued share rights to acquire 1 new Maya ordinary shares in exchange of Php30 and 5 rights.The share rights have a fair value of Php2 each.

(g)At year-end, each share of the Yama ordinary share is currently traded at a price of Php42.Moreover, Maya Corporation has a fair value of Php43 per share.

(h)The entity has a retained earnings at the beginning of the year for Php450,000.The operating income of the entity during the year amounted to Php200,000 exclusive of the effects of all its equity investments.

2022transactions in chronological order:

(i)Acquired Yama Corporation's 1,500 of the total outstanding 10%-noncumulative and nonparticipating preference shares, and additional 5,000 of Yama outstanding quoted ordinary shares were also acquired both for trading purposes.These shares were acquired for a lumpsum price of Php275,000.The fair value of Yama preference and ordinary shares are Php52.50 and Php42.00, respectively.

(j)The entity sold 4,000 Yama ordinary shares for Php45 per share.

(k)Yama Corporation issued a share split up of 4 for 1.

(l)Cash dividend of Php2.50 per share was received by the entity from Maya Corporation.

(m)The entity sold 50% of its Maya share rights for Php3 each.

(n)Yamanin declared and paid a Php200,000 cash dividend.Yama preference and ordinary shares have par values of Php30, and Php15 per share.The total outstanding Yama preference and ordinary shares are 20,000 and 400,000, respectively.There were no dividend in arrears.

(o)The entity exercised 30% of the Maya share rights, while the remainder were left unexercised until the expiration date.

(p)At year-end, Yama and Maya ordinary shares have a market price of Php10 and Php43 per share, respectively.The preference share has a fair value per share of Php48 per share.The entity's net income exclusive of the effects of its financial assets in equity instruments amounted to Php330,000.