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Can you please help me finding the profit reported by Sweet Acacia for the year ended December 31,2024? Thank you! Sweet Acacia Ltd. has 640,000
Can you please help me finding the profit reported by Sweet Acacia for the year ended December 31,2024?Thank you! Sweet Acacia Ltd. has 640,000 common shares authorized and 200,000 shares issued on December 31, 2023, On January 2, 2024, Skysong Inc. which reports under IFRS, purchased shares of Sweet Acacia for $25 per share on the stockmarket from another investor. Skysong intends to hold these shares as a long-term investment and initially classifies it as FVTOCl. Skysong's accountant prepared a trial balance as at December 31, 2024, under the assumption that the investment is valued at FVTOCI. Under this assumption, the trial balance included the following accounts and amounts related to the Sweet Acacia irvestment: Assume that, after closely examining the situation, Skysong's auditors determine that Skysong has significant influence over Sweet Acacia. Accordingly, the investment account is adjusted to $1,325,000 at December 31,2024 . What was the profit reported by Sweet Acacia for the year ended December 31,2024 ? Profit reported by Swect Acacia $ eTextbook and Media Assistance Used eTextbook 1 eTextbook 2
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