PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH.

In connection with your audit of the financial statements of the Pin Shop Company for the year 2020, the following investment in Ordinary shares and dividend income accounts were presented to you:

Investment in ordinary shares

Date Description Ref. Debit Credit

01/15 10,000 O/S, par value P75, SPIKES CO. VR-18 585,000

04/30 5,000 shares SPIKES Co. received as share div. CJ-7 375,000

05/20 Sold 5,000 shares @ P37.5 CR-21 187,500

12/10 Sold 2,000 shares @ P90 CR-S2 180,000

Dividend Income

Date Description Ref. Debit Credit

04/30 Share Dividend SJ-7 375,000

11/30 SPIKES Co. Ordinary CR-22 75,000

The following information was obtained during your examination:

1. From independent sources, you determine the following dividend information:

Type of Dividend Date Declared Date of Record Date of Payment Rate

Share 03/15/20 04/01/20 04/30/20 50%

Cash 11/01/20 11/15/20 11/28/3 P7.5/ share

Cash 12/01/20 12/15/20 01/02/21 20%

2. Closing market quotation as December 31, 2020.

Bid Ask

SPIKES Co. Ordinary 20-5/8 24-3/4

QUESTIONS:

Based on the above and the result of your audit, answer the following:

1. How much is the gain (loss) on May 20 sale?
2. How much is the gain on December 10 sale?
3. How much is the total dividend income for the year?
4. How much is the adjusted carrying amount of investment in ordinary shares as of December 31, 2020?
5. How much is the fair value adjustment loss for the year ended December 31, 2020?