Satellite Corporation has the following investments at December 31, 2020:I (Click the icon to view the information.)If Satellite irrevocably elected to classify its investment in Davenport at fair value through OCI, what amount will be reported for the investmentat September 30, 2020?InformationO A $20,000Fair Value Fair Value Sept,Sept. 30, 2019$15,00012,000Historical CostFair Value30, 2020 Dec. 31, 2020$30,00012,500B. $19,000OC. $1,000$25,00010,000Shares of ABCBonds of Brooke(purchased at par value)Shares of CooksTown(Satellite holds 35% of theoutstanding voting shares ofCooksTown)Shares of Davenport$25,00011,000O D. $18,00012,00018,00016,00016,00018,00020,00019,00019,000

Lets understand the basics. When investment is valued at fair value through OCI then if there is…

Satellite Corporation has the following investments at December 31, 2020: E (Click the lcon to view the information.) If Satellite irrevocably elected to classify its investment in Davenport at fair value through OCI, what amount will be reported for the investment at September 30, 20207 - X Information OA $20,000 Historical Cost OB. $19,000 OC. $1,000 Fair Value Fair Value Sept. Sept. 30, 2019 $15,000 12,000 Fair Value 30, 2020 Dec. 31, 2020 $30,000 12,500 Shares of ABC Bonds of Brooke Kpurchased at par value) $25,000 10,000 $25,000 11,000 O D. $18,000 res of CooksTown 12,000 18,000 16,000 16,000 (Satellite holds 35% of the outstanding voting shares of CooksTown) Shares of Davenport 18,000 20,000 19,000 19,000

Satellite Corporation has the following investments at December 31, 2020: E (Click the lcon to view the information.) If Satellite irrevocably elected to classify its investment in Davenport at fair value through OCI, what amount will be reported for the investment at September 30, 20207 - X Information OA $20,000 Historical Cost OB. $19,000 OC. $1,000 Fair Value Fair Value Sept. Sept. 30, 2019 $15,000 12,000 Fair Value 30, 2020 Dec. 31, 2020 $30,000 12,500 Shares of ABC Bonds of Brooke Kpurchased at par value) $25,000 10,000 $25,000 11,000 O D. $18,000 res of CooksTown 12,000 18,000 16,000 16,000 (Satellite holds 35% of the outstanding voting shares of CooksTown) Shares of Davenport 18,000 20,000 19,000 19,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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