Pina Colada Corporation had the following portfolio of investments at December 31, 2023, that qualified and...

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Pina Colada Corporation had the following portfolio of investments at December 31, 2023, that qualified and were accounted for using the FV-OCI method: Quantity Percentage Interest Cost per Fair Value Share per Share Frank Inc. Ellis Corp. Mendota Ltd. 1,900 shares 8% $10 $15 5,100 shares 14% 25 21 4,100 shares 2% 30 24 Early in 2024, Pina Colada sold all the Frank shares for $16 per share, less a 1% commission on the sale. On December 31, 2024, Pina Colada's portfolio consists of the following common shares: Quantity Percentage Interest Fair Value Cost per Share Ellis Corp. 5,100 shares 14% $25 $30 Mendota Ltd. 4,100 shares 2% 30 23 Kaptein Inc. 2,400 shares 1% 25 22 Assume that Pina Colada reports net income of $159,300 for its year ended December 31, 2024, and that the company follows a policy of capitalizing transaction costs. Realized gains and losses on equity investments are reclassified from accumulated other comprehensive income directly to retained earnings. What should be reported on Pina Colada's 2024 statement of comprehensive income for the investments accounted for using the FV-OCI model? Prepare a partial 2024 statement of comprehensive income for Pina Colada and provide an entry for classifying holding gains or losses to Retained Earnings on equity investments sold during 2024. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Pina Colada Corporation Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income/(Loss) (Includes only Dividends from FV-OCI Investments) $ 159300 Other Comprehensive Income Holding Gains in Year Comprehensive Income/(Loss) Account Titles and Explanation (To reclassify realized gains - Frank Inc. shares) Debit Credit Pina Colada Corporation had the following portfolio of investments at December 31, 2023, that qualified and were accounted for using the FV-OCI method: Quantity Percentage Interest Cost per Fair Value Share per Share Frank Inc. Ellis Corp. Mendota Ltd. 1,900 shares 8% $10 $15 5,100 shares 14% 25 21 4,100 shares 2% 30 24 Early in 2024, Pina Colada sold all the Frank shares for $16 per share, less a 1% commission on the sale. On December 31, 2024, Pina Colada's portfolio consists of the following common shares: Quantity Percentage Interest Fair Value Cost per Share Ellis Corp. 5,100 shares 14% $25 $30 Mendota Ltd. 4,100 shares 2% 30 23 Kaptein Inc. 2,400 shares 1% 25 22 Assume that Pina Colada reports net income of $159,300 for its year ended December 31, 2024, and that the company follows a policy of capitalizing transaction costs. Realized gains and losses on equity investments are reclassified from accumulated other comprehensive income directly to retained earnings. What should be reported on Pina Colada's 2024 statement of comprehensive income for the investments accounted for using the FV-OCI model? Prepare a partial 2024 statement of comprehensive income for Pina Colada and provide an entry for classifying holding gains or losses to Retained Earnings on equity investments sold during 2024. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45). Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Pina Colada Corporation Statement of Comprehensive Income For the Year Ended December 31, 2024 Net income/(Loss) (Includes only Dividends from FV-OCI Investments) $ 159300 Other Comprehensive Income Holding Gains in Year Comprehensive Income/(Loss) Account Titles and Explanation (To reclassify realized gains - Frank Inc. shares) Debit Credit