During 2016, Heather Ltd. purchased 6,000 shares of Oaktree Corp. for $31 per share ($186,000 total). Heather
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During 2016, Heather Ltd. purchased 6,000 shares of Oaktree Corp. for $31 per share ($186,000 total). Heather held these shares until September 2018, when it old them for $36 per share. During these three years, Oaktree paid dividends of $1 per share on July 31. On Heather’s fiscal year-end (December 31), shares of Oaktree closed at $34, $29, and $38 in 2016, 2017, and 2018, respectively.
Required:
Assume that the company designated half of the Oaktree shares as FVPL and the other half irrevocably elected to record fair value changes through OCI. Determine the amounts to be reported on Heather’s balance sheet and statement of comprehensive income with respect to the company’s investment in Oaktree Corp. What do you observe about the total amount of retained earnings for the three years combined?
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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3000 shares of Oaktree classified as FVPL 2016 2017 2018 Total Balance sheet Financial asset 102000 ...View the full answer
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