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with solutions please MC24 On December 31, Year 1 Penthouse Company held 1,000...

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MC24 On December 31, Year 1 Penthouse Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were at fair value through other comprehensive income and cost P150 per share. They had a fair value of P130 per share at Dec. 31, Year 1. During Year 2, Penthouse acquired the following investments, all of which were designated at fair value through other comprehensive income: 900 ordinary shares of Y Co. for P180 per share and 800 ordinary shares of Z Co. for P220 per share. At the end of Year 2, the fair values per share were: X - P140; Y - P170; Z - P200. The adjusting entry on December 31, Year 2, would a. increase unrealized loss by P35,000. b. increase unrealized loss by P15,000. C. decrease unrealized loss by P20,000. d. decrease unrealized loss by P15,000. MC25 Use the same information given in MC24. What is the net unrealized loss account balance reported in the shareholders' equity section of Penthouse Company's statement of financial position on December 31, Year 2? a. P35,000 b. P20,000 C. P15,000 PO

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