Winnipeg Exchanges Ltd. completed the following long-term investment transactions during 2020:

At year-end the current fair value of the Tomassini shares is \(\$ 30,600\). The fair value of the Fellingham shares is \(\$ 652,000\). The company reports changes in fair value through other comprehensive income.
{Requirements}
1. Using the facts provided, determine the methods used to record each of the investments and what basis you used to make that decision.
2. Show what Winnipeg Exchanges Ltd. would report on its year-end balance sheet and income statement for these investment transactions. Ignore income tax.

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2020 May 12 9 July Sept. 16 Oct. 30 Dec. 31 Purchased 20,000 shares, which make up 35% of the common shares of Fellingham Corporation at a total cost of $370,000 Received annual cash dividend of $1.26 per share on the Fellingham investment Purchased 800 common shares of Tomassini Inc. as a non-strategic investment, paying $41.50 per share Received cash dividend of $0.30 per share on the Tomassini investment Received annual report from Fellingham Corporation. Net income for the year was $510,000.