Grimsby Holdings Ltd., a publicly traded company, has two portfolios of investments: trading investments using the fair value through profit or loss model and investments in associates using the equity method. Information regarding these two portfolios is shown below:

Instructions
(a) Calculate the ending balance for each investment category at the end of the year.
(b) Record the journal entries for each event described in the table above.
(c) Present the amounts that would be reported on the income statement and statement of financial position at year end?

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Trading Investments Investment in Associates Balance, beginning of year Purchases of investments during the year Proceeds from sale of investments during the year Realized gain (loss) on sale of investments Dividends received Share of associates' profit Fair value of portfolio, end of year $100,000 $300,000 30,000 55,000 12,000 3,000 40,000 32,000 (10,000) 8,000 43,000 350,000 94,000