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Christina Inc. follows IFRS. Christina holds a variety of investments, some of which are accounted for at fair value through net income and some of
Christina Inc. follows IFRS. Christina holds a variety of investments, some of which are accounted for at fair value through net income and some of which are accounted for at fair value through other comprehensive income. On January 1, 2020, the beginning of the fiscal year, Christina's accounts and records include the following information: Market values for the FV-NI investments and FV-OCl investments at December 31,2020 , were $58,000 and $75,000, respectively. Computers that are used to track investment performance were purchased during 2020 for $10,000. For tax purposes, assume the computers are in Class 10 with a CCA rate of 30% (assume the Accelerated Investment Incentive applies to these computers). Depreciation expense for the year was $2,000. Christina recorded meals and entertainment expenses of $24,000 related to "wining and dining" clients. The CRA allows 50% of these costs as a deductible business expense
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