ABC Co holds 20,000 shares of XYZ Inc as investment in equity security measured at FVOCI. The investment has carrying amount of P500,000. On October 1, 20x1, ABC Co receives 20,000 stock rights to...

ABC Co holds 20,000 shares of XYZ Inc as investment in equity security measured at FVOCI. The investment has carrying amount of P500,000. On October 1, 20x1, ABC Co receives 20,000 stock rights to subscribe for new shares @ P10 per share for every 5 rights held. The fair value per stock right if P5.

On November 2, 20x1 15,000 stock rights were sold @ 4 per right.

On December 1, 20x1 remaining stock rights have expired.

Requirement:

Prepare Journal Entries on October 1, November 2 and December 1, 20x1.