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Coronado Ltd. has 403,000 common shares authorized and 121,000 shares issued on December 31, 2023. On January 2, 2024, Larkspur Inc., which reports under
Coronado Ltd. has 403,000 common shares authorized and 121,000 shares issued on December 31, 2023. On January 2, 2024, Larkspur Inc., which reports under IFRS, purchase shares of Coronado for $40 per share on the stock market from another investor. Larkspur intends to hold these shares as a long-term investment and initially classifies it as FVTOCI. Larkspur'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 Coronado investment: Investments at FVTOCI $1,361,250 Dividend revenue 121,000 OCI-holding gain or (loss) 151,250 Your answer is correct. How many shares of Coronado did Larkspur purchase on January 2? (Hint: Subtract the OCI-Holding Gain or Loss from the investment account.) Larkspur purchased) 30250 shares
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