You were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, your first-time audit of the client. The current asset portion of Classic Corporations statement of financial position shows the following information as of December 31, 2019:

Current Assets Note As of December 31, 2019

Cash and cash equivalents 5, 14 P 3,985,000

Receivables, net 6, 14 7,742,000

Inventories 7 15,859,000

Short-term investments 8, 14 3,280,000

Other current assets 10 352,000

Total current assets P 31,218,000

Note 8 on investments described the investments as equity securities held primarily for being traded to take advantage of price fluctuations in the market. The following information shows the breakdown of the investment account per clients subsidiary records:

Held for Trading Securities:

Securities No. of Shares Market Price Amount

SMC Ordinary 5,000 176 P 880,000

AC Ordinary 3,000 800 2,400,000

Total P 3,280,000

You were able to verify that the quantity and valuation of the shares as of December 31, 2019 were appropriate.

Based on your substantive test of details of transactions and balances for the investment account you gathered the following information for 2020:

1. SMC declared and distributed 10% bonus issue to its shareholders on February 1, 2020.

2. On March 31, 2020 AC declared and paid P5.00 cash dividend to its shareholders.

3. On May 30, 2020 Classic Corporation sold 550 shares of SMC ordinary shares for P200 per share.

4. On July 1, 2020 Classic Corporation acquired 1,000 ordinary shares of Excel Company for P26 per share. Classic Corporation paid P2,000 in transfer taxes and commissions. The company designated the shares at fair value through other comprehensive income.

5. On November 30, 2020, Classic Corporation sold 1,000 shares of AC ordinary for P780.00 per share.

6. On December 15, 2020 AC declared P2 cash dividend per share on its ordinary shares, payable on January 31, 2021 to shareholders of record as of December 30, 2020.

7. Refer to WB for HO.2 excel file for market prices of the equity investments as of December 31, 2020.

Based on your audit findings, answer the following questions:

1. How much equity investments at fair value through profit or loss should be presented by Classic Corporation in the current assets portion of its statement of financial position as of December 31, 2020?

2. How much equity investments at fair value through other comprehensive income should be presented by Classic Corporation in the non-current assets portion of its statement of financial position as of December 31, 2020?

3. How much investment income (loss) should be presented in profit or loss in 2020?

You were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, your first-time audit of the client. The current asset portion of Classic Corporation's statement of financial position shows the following information as of December 31, 2019: As of December 31, 2019 P 3,985,000 7,742,000 Current Note Assets Cash and 5, 14 cash equivalents Receivables, 6, 14 net Inventories 7 Short-term 8, 14 investments Other 10 current assets Total current assets 15,859,000 3,280,000 352,000 P 31,218,000 Note 8 on investments described the investments as equity securities held primarily for being traded to take advantage of price fluctuations in the market. The following information shows the breakdown of the investment account per client's subsidiary records: Held for Trading Securities: Securities SMC Ordinary AC Ordinary Total No. of Shares 5,000 3,000 Market Price 176 800 Amount P 880,000 2,400,000 P 3,280,000 You were able to verify that the quantity and valuation of the shares as of December 31, 2019 were appropriate. Based on your substantive test of details of transactions and balances for the investment account you gathered the following information for 2020: 1. SMC declared and distributed 10% bonus issue to its shareholders on February 1, 2020. 2. On March 31, 2020 AC declared and paid P5.00 cash dividend to its shareholders. 3. On May 30, 2020 Classic Corporation sold 550 shares of SMC ordinary shares for P200 per share. 4. On July 1, 2020 Classic Corporation acquired 1,000 ordinary shares of Excel Company for P26 per share. Classic Corporation paid P2,000 in transfer taxes and commissions. The company designated the shares at fair value through other comprehensive income. 5. On November 30, 2020, Classic Corporation sold 1,000 shares of AC ordinary for P780.00 per share. 6. On December 15, 2020 AC declared P2 cash dividend per share on its ordinary shares, payable on January 31, 2021 to shareholders of record as of December 30, 2020. You were assigned to perform audit procedures on the investments account of Classic Corporation for 2020, your first-time audit of the client. The current asset portion of Classic Corporation's statement of financial position shows the following information as of December 31, 2019: As of December 31, 2019 P 3,985,000 7,742,000 Current Note Assets Cash and 5, 14 cash equivalents Receivables, 6, 14 net Inventories 7 Short-term 8, 14 investments Other 10 current assets Total current assets 15,859,000 3,280,000 352,000 P 31,218,000 Note 8 on investments described the investments as equity securities held primarily for being traded to take advantage of price fluctuations in the market. The following information shows the breakdown of the investment account per client's subsidiary records: Held for Trading Securities: Securities SMC Ordinary AC Ordinary Total No. of Shares 5,000 3,000 Market Price 176 800 Amount P 880,000 2,400,000 P 3,280,000 You were able to verify that the quantity and valuation of the shares as of December 31, 2019 were appropriate. Based on your substantive test of details of transactions and balances for the investment account you gathered the following information for 2020: 1. SMC declared and distributed 10% bonus issue to its shareholders on February 1, 2020. 2. On March 31, 2020 AC declared and paid P5.00 cash dividend to its shareholders. 3. On May 30, 2020 Classic Corporation sold 550 shares of SMC ordinary shares for P200 per share. 4. On July 1, 2020 Classic Corporation acquired 1,000 ordinary shares of Excel Company for P26 per share. Classic Corporation paid P2,000 in transfer taxes and commissions. The company designated the shares at fair value through other comprehensive income. 5. On November 30, 2020, Classic Corporation sold 1,000 shares of AC ordinary for P780.00 per share. 6. On December 15, 2020 AC declared P2 cash dividend per share on its ordinary shares, payable on January 31, 2021 to shareholders of record as of December 30, 2020