H Company acquired the following securities in 2016:
Security Classification Cost FV, 12/31/18
A Trading 1,000,000 1,250,000
B Trading 700,000 650,000
C FA at Fair Value-OCI 900,000 920,000
D FA at Fair Value-OCI 300,000 250,000
On June 1, 2018, H Company received P50,000 cash dividend from security C and P10,000 from security A.
On January 31, 2019 All trading securities were sold for P2,000,000.
At December 31, 2019, the fair value of securities C is P850,000 and security D is P320,000.
Required:
Journal entries for 2018.
Adjusting entry on 12/31/18.
Journal entry to record the sale on January 31, 2019.
Carrying value of the investment as of 12/31/19.