On December 31, 2013, Acker Ltd. reported the following statement of financial position.

The accumulated other comprehensive income was related only to the company~ non-traded equity investments.
The fair value of Acker Ltd.'s investments at December 31, 2014, was $185,000 and their cost was $140,000. No investments were purchased during 2014. Although Acker is a private company, it applies IFRS and recycles OCI gains and losses to net income when realized.
Acker Ltd.'s statement of net income for 2014 was as follows, ignoring income taxes.
ACKER LTD.
Statement of Net Income
Year ended December 31, 2014
Dividend income ................ $5,000
Gain on sale of equity investments ......... 30,000
Net income ................... $35,000
Instructions
Assuming all transactions during the year were for cash and that no dividends were declared or paid:
(a) Prepare the journal entries related to the sale of the equity investments in 2014.
(b) Prepare a statement of comprehensive income for 2014.
(c) Prepare a statement of financial position as at December 31, 2014.
(d) Assume that Acker Ltd. applies ASPE and management had identified the equity investment as an FV-NI investment when first acquired. Identify and explain any differences in the opening balance sheet at December 31, 2013, the 2014 statement of net income, and the closing balance sheet at December 31, 2014, when the FV-NI method is used instead of the method used under the original IFRS assumption.

ACKER LTD. Statement of Financial Position As at December 31, 2013 Assets FV-OCI investments Cash Total Equity $240,000 Contributed capital $260,000 30,000 50,000 Amulated other comprehensive income $290,000 $290,000