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Current Attempt in Progress Rosewater Corporation, a publicly traded company using IFRS, is about to prepare its financial statements for the year ended April 3
Current Attempt in Progress
Rosewater Corporation, a publicly traded company using IFRS, is about to prepare its financial statements for the year ended April
During the year, the company sold onequarter of its longterm bond investments that were intended to be held to maturity.
They had been held for over nine years but were sold just a few months prior to maturity for a gain of $ At the end of that year,
the remaining bonds, which the company still plans to hold to maturity, had a fair value that was $ more than their carrying
amount. During the year, the company earned $ of interest on these bonds but has only received $ of this interest before
the end of the year. For the same year, the company also had a portfolio of equity investments that were held for trading that had a fair
value that was $ higher than their carrying amount. The company also has an investment in an associate, and its share of that
associate's income was $ for the year. The company received its share of all dividends that the associate declared and paid for
the year, amounting to $
Identify whether each of the above items should be included in net income or not.
Include in net income
Item
or not
Realized gain on longterm investments $
Unrealized gain on longterm investments $
Interest income $
Unrealized gain on trading investments $
Income from associate $
Dividend from associate $
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