During 2020, Financial Holdings, a public company, purchased equity securities for trading purposes. At December 31, 2020, the securities for Financial Holdings were as follows: Cost Quantity 1,000 Security Sabo common shares PYK $1.50 preferred shares Total Market Value $14,500 26,500 $41,000 $16,000 26,000 $42,000 2,000 The following transactions with respect to Financial Holdings' investments occurred during 2021: Jan. 15 Mar. 20 Purchased 1,500 common shares of Hazmi for $16.00 per share. The shares are designated as fair value through other comprehensive income. Received dividends on the PYK preferred shares of $1.50 per share. Sold 550 of the Sabo common shares for $16.75 per share. Received dividends on the Sabo common shares of $2.50 per share. Received an additional 1,500 common shares of Hazmi as a result of a 2-for-1 stock split. June 15 Aug. 5 Oct. 15 At December 31, 2021, the securities held by Financial Holdings were trading on the TSX at the following prices: At December 31, 2021, the securities held by Financial Holdings were trading on the TSX at the following prices: Price $17.00 Security Sabo common shares PYK $1.50 preferred shares Hazmi common shares 14.75 7.50 Show how the securities would be reported on Financial Holdings' December 31, 2020, balance sheet. FINANCIAL HOLDINGS Balance Sheet (Partial) v December 31, 2020 Current A ets $ 41,000 Investments at Fair Value through Profit or Lossy e Textbook and Media titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record Journal entries in the order presented in the problem. Round answer to O decimal places, eg. 5,276.) Date Account Titles and Explanation Debit Credit Jan. 15 Investments at FVTOCI 24000 Cash 24000 (To record purchase of investment.) Mar. 20 Cash 3000 Investment Income or Loss 3000 (Collection of dividend.) June 15 V Cash 9213 Investment Income or Loss 1238 Investments at FVTPL 7975 (To record sale of investment.) Aup 5 Gash TOUEUGICTWOLTELE V Aug. 5 Cash Investment Income or Loss (Collection of dividend.) Oct. 15 No Entry >> Dec. 31 Investments at FVTPL Investment Income or Loss (To record fair value adjustment.) Dec, 31 OCI-Holding Gain or Loss Investments at FVTOCI (To record fair value adjustment.) e Textbook and Media Show how the investment income, gains, and losses would be reported on the statement of comprehensive income for the year ended December 31, 2021. (Ignore income tax) FINANCIAL HOLDINGS Income Statement (Partial) Year Ended December 31, 2021 Other Revenues Investment Income or Loss $ FINANCIAL HOLDINGS Statement of Comprehensive Income (Partial) Year Ended December 31, 2021 Other Comprehensive Income V Holding Gain or Loss 1500
