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PLEASE HELP ME SOLVE INCOME STATEMENT (PARTIAL) AND STATEMENT OF COMPREHENSIVE INCOME (PARTIAL) PART During 2023, Financial Pharoah, a public company, purchased equity securities for
PLEASE HELP ME SOLVE INCOME STATEMENT (PARTIAL) AND STATEMENT OF COMPREHENSIVE INCOME (PARTIAL) PART
During 2023, Financial Pharoah, a public company, purchased equity securities for trading purposes. At December 31, 2023, the securities for Financial Pharoah were as follows: The following transactions with respect to Financial Pharoah's investments occurred during 2024: Jan. 15 Purchased 1,500 common shares of Hazmi for $18 per share. The shares are designated as fair value through other comprehensive income. Mar. 20 Received dividends on the PYK preferred shares of $1.50 per share. June 15 Sold 500 of the Sabo common shares for $18.75 per share. Aug. 5 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. At December 31, 2024, the securities held by Financial Pharoah were trading on the TSX at the following prices: Your answer is correct. Show how the securities would be reported on Financial Pharoah's December 31, 2023, balance sheet. Date Account Titles and Explanation Debit Credit Jan.15 Investments at FVTOCI 27000 2 Cash 27000 Mar. 20 Cash 3000 Investment Income or Loss 3000 June 15 Cash 9375 Investment Income or Loss Investments at FVTPL Aug. 5_ Cash 1000 Investment Income or Loss No Entry No Entry 0 Investments at FVTPL 4250 InvestmentIncomeorLoss (To record fair value adjustment for Sabo and PYK.) Dec. 31 OCl-Holding Gain or Loss 1500 Investments at FVTOCI (To record fair value adjustment for Hazmi.) Show how the investment income, gains, and losses would be reported on the statement of comprehensive income for the year ended December 31, 2024. (Ignore income tax) FINANCIAL PHAROAH Statement of Comprehensive Income (Partial) Year Ended December 31, 2024 Other Comprehensive Income Holding Gain or Loss $1500Step by Step Solution
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