Refer to the facts presented in problem P7-21. 

Data in problem P7-21.

On January 25, 2020, Douglas Ltd. purchased 1,000 common shares of BMO (Bank of Montreal) for $65 each. During the remainder of 2020, Douglas received $2.80/share in dividends and BMO’s earnings per share were $5.30. The closing price of the shares on the fiscal year-end date of December 31, 2020, was $69.

Required:

Assume that Douglas made the irrevocable election to measure the investment at fair value through OCI.

a. At what value should Douglas report the BMO shares on its December 31, 2020, balance sheet?

b. How much income should Douglas report in relation to these shares?

c. How much OCI should Douglas report in relation to these shares?