P7-25 (similar to) Question Help On January 1, 2020, ABC Company acquired 50,000 shares, representing 20% of the outstanding shares of YY Limited, at a price of $40 per share. On July 31, 2020, YY declared and paid a dividend of $2 per share. YY's net income for 2020 was $2,800,000. On December 31, 2020, the shares of YY were trading on the Toronto Stock Exchange at $50 per share. Required ABC is not sure how to report its investment in YY shares. Using the following format, indicate the amounts that would appear on the balance sheet and the statement of comprehensive income for 2020 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 table below. (Enter a "0" for any zero balances.) Fair value through OCl election FVPL Associate Balance sheet $ 2,500,000 $ 2,500,000 $ 2,460,000 Investment in YY shares Statement of comprehensive income Dividend income Other income (specify types) Subtotal (= effect on net income) Choose from any list or enter any number in the input fields and then click Check