On 1 July 2018, Australian Legend Investors Ltd acquired 100,000 shares in Midgard Enterprises at a price of $10 each. There were brokerage fees of $2,000. The closing market price of Midgard Enterprises shares on 30 June 2019 was $12. Australian Legend Investors Ltd has a 30 June balance date.

If Australian Legend Investors Ltd has elected to account for its equity investments at fair value through OCI, which of the following is correct?

Select one:

a. For year ended 30 June 2019, the year-end carrying amount of the investment in Midgard Enterprises is $1,200,000, and the gain in fair value of equity instruments of $198,000 is recognised in P/L

b. For the year ended 30 June 2019, the gain in fair value of equity instruments of $200,000 is recognised in P/L.

c. For year ended 30 June 2019, the year-end carrying amount of the investment in Midgard Enterprises is $1,200,000 and the gain in fair value of equity instruments of $198,000 is recognised in OCI.

d. The carrying amount of the investment in Midgard Enterprises on 30 June 2019 is $1,002,000.

e. The carrying amount of the investment in Midgard Enterprises on 30 June 2019 is $1,198,000.