PLEASE CORRECT

Waterway Ltd. has 397,000 common shares authorized and 119,000 shares issued on December 31, 2023. On January 2, 2024, Teal Mountain Inc., which reports under IFRS, purchased shares of Waterway for $40 per share on the stock market from another investor. Teal Mountain intends to hold these shares as a long-term investment and initially classifies it as FVTOCI. Teal Mountain's accountant prepared a trial balance as at December 31, 2024, under the assumption that the investment is valued at FVTOCI. Under this assumption, the trial balance included the following accounts and amounts related to the Waterway investment: (a) Your answer is correct. How many shares of Waterway did Teal Mountain purchase on January 2? (Hint: Subtract the OCI-Holding Gain or Loss from the investment account.) Teal Mountain purchased shares eTextbook and Media Attempts: 1 of 3 used (b) What percentage of Waterway does Teal Mountain own? Teal Mountain owns % of Waterway shares