On December 31, 2016, Acker Ltd. reported the following statement of financial position.

The accumulated other comprehensive income was related only to the company's non-traded equity investments. Some of these were sold in 2017 for cash, resulting in a gain of $30,000. The fair value of Acker Ltd.'s investments at December 31, 2017, was $185,000 and their cost was $140,000. No FV-OCI investments were purchased during 2017. Although Acker is a private company, it applies IFRS and does not recycle OCI gains and losses to net income when realized.
Acker Ltd. received dividend income of $5,000 (cash) during 2017 and realized a gain of $30,000 on the purchase and sale of FV-NI investments.
Instructions
Ignoring income taxes and assuming that all transactions during the year were for cash:
(a) Prepare the journal entry related to the sale of the FV-OCI investments in 2017.
(b) Prepare a statement of comprehensive income for 2017.
(c) Prepare a statement of financial position as at December 31, 2017.
(d) Assume that Acker Ltd. applies ASPE and management had identified the equity investment as an FV-NI investment when it was first acquired. Identify and explain any differences in the opening balance sheet at December 31, 2016, the 2017 statement of net income, and the closing balance sheet at December 31, 2017, 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, 2016 Assets FV-OCI investments $240,000 Contributed capital Cash Total Equity 50,000 $290,000 $260,000 30,000 $290,000 Accumulated other comprehensive income