Question: During the most recent year, Michael Co. bought 3,800 shares of Canada common stock at $38, 640 shares of Brazil stock at $47.25, and 1,500

During the most recent year, Michael Co. bought 3,800 shares of Canada at $38, 640 shares of Brazil stock at $47.25, and 1,500 shares of Russian stock at $77 - all as available for sale investments. At December 31, Hoover's Online reports Canada stock at $29,125, Brazil at $49.25, and Russian at $69.50?
Requirements
1. Determine the cost and the fair value of the long-term investment at December 31?
2. Record Michael's adjusting entry at December 31?
3. What would Michael Co. report on its statement of comprehensive income and at year-end for the information given? Make the necessary disclosures. Ignore income tax?

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