On January 1, 2019, Jerome Company purchased nontrading equity investments which are irrevocably designated at FVOCI Purchase Transaction price Market value December 31, 2019 cost Security A Security B Security C 1,000,000 2,000,000 4,000,000 100,000 200,000 400,000 On July 1, 2020, the entity sold Security C for P5,200,000. 1,500,000 2,400,000 4,700,000 What amount of gain on sale should be recognized in the income statement for 2020? 800,000 500,000 300,000 d. a C. 0 Problem 15-15 (IAA) Lagoon Company purchased the following investments during 2019: Market value December 31, 2019 Classification Cost 900,000 1,000,000 1,000,000 1,600,000 Trading Trading Security A Security B On July 31, 2020, the entity sold all of the shares of Security B for P1,100,000 On December 31, 2020, the shares of Security A had a market value of P600,000 No other activity occurred during 2020 in relation to the trading security portfolio. What total loss on the trading securities should be reported in the income statement for 2020?