Problem 9-12 Novak Corporation had the following portfolio of investments at December 31, 2017, that qualified and were accounted for using the FV-OCI method: Quantity 1,800 shares 5,000 shares 4,000 shares Frank Inc. Ellis Corp. Mendota Ltd. Percent Interest 8% 14% 2% Fair Value per Share $16 22 Cost per Share $12 25 29 23 Early in 2018, Novak sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale. On December 31, 2018, Novak's portfolio consists of the following common shares: Fair Value per Share $29 Cost per Share $25 29 Percent Interest 14% 2% 1% Quantity 5,000 shares 4,000 shares 2,400 shares Ellis Corp. Mendota Ltd. Kaptein Inc. 21 22 Assume that Novak reports net income of $158,200 for its year ended December 31, 2018, and that the company follows a policy of capitalizing transaction costs and of transferring realized gains and loss from accumulated other comprehensive income directly to retained earnings. Your answer is partially correct. Try again. What should be reported on Novak's December 31, 2017 statement of financial position for this long-term portfolio? (Enter negative amounts using either a negative sign preceding the number e. -45 or parentheses e.g. (45).) Novak Corporation Statement of Financial Position As at December 31, 2017 Long-Term Investments Investments, at Fair Value with Gains and Losses in OCI 230,000 EX Total Shareholders' Equity Accumulated other Comprehensive Income / (Loss) -16,100 Your answer is partially correct. Try again. What should be reported on Novak's December 31, 2018 statement of financial position for these investments? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corporation Statement of Financial Position As at December 31, 2018 Investments, at Fair Value with Gains and Losses in OCI x Your answer is incorrect. Try again. What should be reported on Novak's 2018 statement of comprehensive income for the investments accounted for using the FV-OCI model? Prepare a partial 2018 statement of comprehensive income for Novak. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corporation Statement of Comprehensive Income December 31, 2018 SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Problem 9-12 Novak Corporation had the following portfolio of investments at December 31, 2017, that qualified and were accounted for using the FV-OCI method: Quantity 1,800 shares 5,000 shares 4,000 shares Frank Inc. Ellis Corp. Mendota Ltd. Percent Interest 8% 14% 2% Fair Value per Share $16 22 Cost per Share $12 25 29 23 Early in 2018, Novak sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale. On December 31, 2018, Novak's portfolio consists of the following common shares: Fair Value per Share $29 Cost per Share $25 29 Percent Interest 14% 2% 1% Quantity 5,000 shares 4,000 shares 2,400 shares Ellis Corp. Mendota Ltd. Kaptein Inc. 21 22 Assume that Novak reports net income of $158,200 for its year ended December 31, 2018, and that the company follows a policy of capitalizing transaction costs and of transferring realized gains and loss from accumulated other comprehensive income directly to retained earnings. Your answer is partially correct. Try again. What should be reported on Novak's December 31, 2017 statement of financial position for this long-term portfolio? (Enter negative amounts using either a negative sign preceding the number e. -45 or parentheses e.g. (45).) Novak Corporation Statement of Financial Position As at December 31, 2017 Long-Term Investments Investments, at Fair Value with Gains and Losses in OCI 230,000 EX Total Shareholders' Equity Accumulated other Comprehensive Income / (Loss) -16,100 Your answer is partially correct. Try again. What should be reported on Novak's December 31, 2018 statement of financial position for these investments? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corporation Statement of Financial Position As at December 31, 2018 Investments, at Fair Value with Gains and Losses in OCI x Your answer is incorrect. Try again. What should be reported on Novak's 2018 statement of comprehensive income for the investments accounted for using the FV-OCI model? Prepare a partial 2018 statement of comprehensive income for Novak. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corporation Statement of Comprehensive Income December 31, 2018 SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT