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During 2020, Financial Holdings, a public company, purchased equity securities for trading purposes. At December 31, 2020, the securities for Financial Holdings were as follows: Market Value Quantity 1,000 2,000 Cost $14,000 Security Sabo common shares PYK $1.50 preferred shares Total $12,500 22.000 22,500 $36,000 $35,000 The following transactions with respect to Financial Holdings'investments occurred during 2021: Purchased 1,500 common shares of Hazmi for $18.00 per share. The shares are designated as fair value through Jan. 15 other comprehensive income. Mar. 20 Received dividends on the PYK preferred shares of $1.50 per share. June 15 Sold 750 of the Sabo common shares for $14.75 per share. Aug Received dividends on the Sabo common shares of $2.00 per share. Oct. 15 Received an additional 1,500 common shares of Hazmi as a result of a 2-for-1 stock split. un 5 At December 31, 2021, the securities held by Financial Holdings were trading on the TSX at the following prices: Oct. 15 Received an additional 1,500 common shares of Hazmi as a result of a 2-for-1 stock split. At December 31, 2021, the securities held by Financial Holdings were trading on the TSX at the following prices: Security Sabo common shares PYK $1.50 preferred shares Hazmi common shares Price $15.00 12.75 8.50 Show how the securities would be reported on Financial Holdings' December 31, 2020, balance sheet. FINANCIAL HOLDINGS Balance Sheet (Partial) December 31, 2020 Current Assets Investments at Fair Value through Profit or Loss : Record Financial Holdings' 2021 transactions and any required adjusting journal entries at December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Round answer to 0 decimal places, e.g. 5.276.) Date Debit Credit Account Titles and Explanation Investments at FVTPL Jan. 15 27.000 Cash 27,000 (To record purchase of investment.) Mar. 20 Cash 3,000 Investment Income or Loss 3,000 (Collection of dividend.) June 15 Cash 11.063 Investment Income or Loss 1.688 Investments at FVTOCI 9.375 (To record sale of investment.) (To record sale of investment.) Aug. 5 Cash Investment Income or Loss (Collection of dividend.) Oct 15 No Entry 0 0 No Entry 0 (To record fair value adjustment.) . (To record fair value adjustment.) Show how the investment income, gains, and losses would be reported on the statement of comprehensive income for the year ended December 31, 2021. (Ignore income tax) FINANCIAL HOLDINGS Income Statement (Partial) FINANCIAL HOLDINGS Statement of Comprehensive Income (Partial) $
