On January $1,2023,$ JJ Company acquired $200,000$ shares, representing $20\%$ of the outstanding shares of XYZ Limited, at a price of $$10$ per share. On July $31,2023,xYZ$ declared and paid a dividend of $$3$ per share. XYZ$\text{'}$s net income for $2023$ was $$3,300,000.$ On December $31,2023,$ the shares of XYZ were trading on the Toronto Stock Exchange at $$16$ per share.

Required

$JJ$ is not sure how to report its investment in $xYZ$ shares. Using the following format, indicate the amounts that would appear on the balance sheet and the statement of comprehensive income for $2023$ if the investment $($a$)$ has been irrevocably elected to be measured at fair value through OCI, $($b$)$ is classified as FVPL$,$ or $($c$)$ is an associate.

Complete the balance sheet in the following table. $($For entries with a $$0$ balance, make sure to enter $"0"$ in the appropriate column.$)$

Fair value through OCI

election

Balance sheet

Investment in $xYZ$ shares

Complete the statement of comprehensive income in the following table. $($For entries with a $$0$ balance, make sure to enter $"0"$ in the appropriate column.$)$

Fair value through

OCl election

Statement of comprehensive income

Dividend income

Other income $($specify types$)$