On December 31, 2020, Hazel Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were designated as at fair value through other...

Extracted text: On December 31, 2020, Hazel Company held 1,000 ordinary shares of X Co. in its portfolio of long-term investments in equity securities. The shares were designated as at fair value through other comprehensive income. The shares had a cost of P150 per share and had a fair value of P130 per share at December 31, 2020. During 2021, Hazel acquired the following investments, all of which were designated as 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 2021, market values per share were: X - P140; Y - P170; Z - P200. The adjusting entry on December 31, 2021 would (A decrease unrealized loss by P20,000. B increase unrealized loss by P15,000. increase unrealized loss by P35,000. (D decrease unrealized loss by P15,000.