During a company was formed. The company invested in the following shares in :
In the company sold the investment in Dunder Inc. for $ and paid transaction costs of
$ The shares of Athlead Inc. were also sold for $ and transaction fees amounted to $
The company also acquired the shares of Schrute Co for $ plus transaction fees of $
On December the fair values of the shares on hand were as follows:
Required:
a Prepare the journal entries in and assuming that
i The investments are classified as FVTPL investments.
ii The investments are classified as FVTOCI investments.
b Under assumption ii calculate the balance in the AOCl account on December and
specify if it is a debit or credit balance.
c Under assumption ii calculate the amount of OCI that will be reported in the Statement of
Comprehensive Income of and specify if it is a positive or negative amount.
