During $2023,$ Elisabeth Ltd$.$ purchased $8,000$ shares of Lilly of the Valley Corp. for $$34$ per share total$).$ Elisabeth held these shares until

September $2025,$ when it sold them for $$42$ per share. During these three years, Lilly of the Valley paid dividends of $$2$ per share on July $31.$ On

Elisabeth's fiscal year$-$end $($December $31),$ shares of Lilly of the Valley closed at $$39,$ $$30,$ and $$46$ in $2023,2024,$ and $2025,$ respectively.

Required

Assume that the company designated half of the Lilly of the Valley shares as FVPL and the other half irrevocably elected to record fair value changes

through OCl. Determine the amounts to be reported on Elisabeth's balance sheet and statement of comprehensive income with respect to

the company's investment in Lilly of the Valley Corp. What do you observe about the total amount of retained earnings for the three years combined?

Complete the analysis for $2024.$

Balance sheet

Financial asset

Equity: AOCI on Lilly of the Valley shares$*$

Retained earnings due to gains or losses $($cumulative$)$

Retained earnings from dividend income $($cumulative$)$

Statement of comprehensive income

Dividend income

Gains $($losses$)$ recognized through income

Gains $($losses$)$ recognized through OCl