Concord Limited, a public company that follows IFRS and has a calendar year end, made...
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Concord Limited, a public company that follows IFRS and has a calendar year end, made the following purchases of investments in 2023. Concord intends to sell these investments to earn short-term profits from appreciation in their prices and accounts for the investments using the FV-NI model. This is the first year in which Concord invested in equity securities: 1. On March 20, purchased 5,400 shares of Wu Inc. common shares at $29 per share plus commission of $450 . 2. On August 15, purchased 3,100 shares of Xi Inc. common shares at $27 per share plus commission of $400 . On June 30, Concord sold 3,240 shares of Wu Inc. at $31 less commission of $660 . The December 31, 2023 market value of the Wu shares was $32 and of the Xi shares was $26
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