Page Ltd. is an investment management firm that had, at the beginning of the current year on January 1, 2021, a balance of $128,000 in its Trading Investments account (using the fair value through profit or loss model) and a balance of $485,000 in its Investment in Associates account (using the equity method). At the end of the year, these account balances were $147.000 an $577,000, respectively. During the year, dividends of $64,000 were received from associates while $9,000 was received from trading investments. In addition, the company purchased investments in associates and trading investments for cash of $115.0 and $55,000, respectively. Also, during 2021, the company received $43,000 when it sold trading investments that it carried a $27,000. (a) List the accounts that Page will show on its 2021 statement of income pertaining to its investments. Indicate where these accounts will appear on the statement of income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses eg. (2,945)) Pageltd. Statement of Income

Page Ltd. is an investment management firm that had, at the beginning of the current year on January 1, 2021, a balance of $128,000 in its Trading Investments account (using the fair value through profit or loss model) and a balance of $485,000 in its Investment in Associates account (using the equity method). At the end of the year, these account balances were $147.000 an $577,000, respectively. During the year, dividends of $64,000 were received from associates while $9,000 was received from trading investments. In addition, the company purchased investments in associates and trading investments for cash of $115.0 and $55,000, respectively. Also, during 2021, the company received $43,000 when it sold trading investments that it carried a $27,000. (a) List the accounts that Page will show on its 2021 statement of income pertaining to its investments. Indicate where these accounts will appear on the statement of income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses eg. (2,945)) Pageltd. Statement of Income

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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