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Flint Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost
Flint Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,570 Anderson Corp. common shares, which cost $49,450; 10,700 Munter Ltd. common shares, which cost $580,700; and 6,700 King Corp. preferred shares, which cost $256,400. Their fair values at the end of 2020 were as follows: Anderson Corp. $50,980; Munter Ltd. $570,200; and King Corp. $256,500. In 2021, Flint completed the following transactions: 1. On January 15, sold 2,570 Anderson common shares at $21 per share less fees of $2,290. 2. On April 17, purchased 1,350 Castle Ltd. common shares at $34.20 per share plus fees of $2,120. The company adds transaction costs to the cost of acquired investments and deducts them from cash received on the sale of investments. On December 31, 2021, the fair values per share of the securities were as follows: Munter $68; King $26; and Castle $22. Flint's accounting supervisor tells you that all these securities have fair values that can be readily determined, but the company is not likely to actively trade them. Management accounts for them using the FV-OCI method without recycling. Any gains or losses are reclassified to Retained Earnings upon disposition of the investment. Ignore income taxes. Indicate how all amounts will be reported on Flint's statement of financial position and statement of comprehensive income, and the changes in the accumulated other comprehensive income portion of the statement of changes in equity for 2021. (If an amount reduces the account balance then enter with negative sign.) Flint Corp. Statement of Financial Position Flint Corp. Statement of Comprehensive Income $X x= Items that will not be reclassified to net income! E $X+ Flint Corp. Statement of Changes in Accumulated Other Comprehensive Income
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