Maenetja Limited acquired 1000 shares in Manana Limited on 1 December 2014 at the fair value of R15 per share. Transaction costs amounted to R200. At the date of acquisition the company elected to recognize subsequent changes in the fair value of this investment in other comprehensive income (OCI). The companys policy is to release any gains or losses resulting from these fair value adjustments to retained earnings when the shares are sold.

On 31 December 2014 the market value of Manana Limiteds shares was R18. On 30 June 2015, 200 shares were sold for R19.50. The market value of the shares at 31 December 2015 was R14.

What amount should be recorded as the closing amount on this investment?

Select one:

a. R15 600

b. R11 200

c. R4 400

d. R14 000