Data for Cheque Mart's held for trading investments in 2018 are presented in P12.2B. Cheque Mart had the following held for trading investment transactions in 2019:
Mar. 1 Sold 650 IBF common shares for $22,100.
June 1 Purchased 2,000 DEF common shares for $18,000.
Sept. 1 Received a cash dividend of $1.50 per share on the RST common shares.
Oct. 1 Sold 250 RST common shares for $14,250.
Dec. 31 The market prices of the RST and DEF common shares were $56 and $12 per share, respectively.
Instructions
(a) Record the above transactions, including any required adjusting journal entries, continuing the use of the fair value through profit or loss model.
(b) Show how the investments would be presented on the statement of financial position at December 31, 2019.
(c) Determine the balance in each of the income statement accounts that are affected in the transactions above and indicate how they would be presented on the income statement for the year ended December 31, 2019.