Brief Exercise 12-12 Clinton Corporation, which reports under IFRS, has the following investments at December 31, 2018: 1. Held for trading investments: common shares of National Bank, cost $41,200, fair value $48,600. 2. Investment in an associate (45% ownership): common shares of Sword Corp., cost $219,500, fair value cannot be determined because the shares do not trade publicly. The investment was purchased on January 1, 2018. For the year ended December 31, 2018, Sword Corp. reported net income of $49,400 and declared and paid dividends of $17,100. 3. Equity investment: common shares of Epee Inc. (18% ownership) purchased on July 1, 2018, cost $419,700, fair value at December 31, 2018, $552,600. Management intends to purchase more shares of Epee in two years. Epee earned $43,400 for the year ended December 31, 2018, and declared and paid dividends of $1,900, which were received at the end of each quarter in 2018. 4. Bond investment that is to be held to maturity: bonds of Ghoti Ltd., purchased at a cost equal to its maturity value of 5320,600, fair value $341,100. Prepare a partial statement of financial position for Clinton Corporation at December 31, 2018. CLINTON CORPORATION Statement of Financial Position (Partial) Assets