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how much is the carrying amount of the investment in the December 31, 20×1 statement of financial position?

- October 5, 2022 - Edwin Tunner

Please provide solution and explanation. Thank you. 

On December 29, 20×1, an entity commits itself to purchase a financial asset for ₱10,000, which is
its fair value on commitment date (trade date). Transaction costs are immaterial. On December 31, 20×1 and on January 4, 20×2 (settlement date) the fair values of the asset are ₱12,000 and ₱15,000, respectively. If the entity uses the settlement date accounting and that the investment is classified as held for trading, how much is the carrying amount of the investment in the December 31, 20×1 statement of financial position?

a. 10,000

b. 15,000

c. 12,000

d. 0

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