What amount of gain or loss would YOO-YOO Corporation report in its income statement for the year ended December 31, 2022, related to its investment, if the fair value method of accounting was used?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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#9

YOO-YOO Corporation has the following investment which was held throughout 2021–2022:

  Fair Value
    Cost   12/31/21   12/31/22
Equity investment

$836000

$1128000

$1060000


What amount of gain or loss would YOO-YOO Corporation report in its income statement for the year ended December 31, 2022, related to its investment, if the fair value method of accounting was used?

$292000 gain.
$68000 loss.
$68000 gain.
$224000 gain.
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