Question 17 Crown Point Holdings Ltd., a publicly traded company, has two portfolios of investments: held for trading investments using the fair value through profit or loss model and investments in associates using the equity method. Information regarding these two portfolios is shown below: Account Balance, beginning of year Purchases of investments during the year Proceeds from sale of investments during the year Realized gain (loss) on sale of investments Dividends received Share of associates' net income Fair value of portfolio, end of year Held for Trading Investments $100,000 29,800 55,600 12,100 3,200 Investment in Associates $299,000 40,000 32,100 (10,500) 7,400 41,100 350,000 89,000 Calculate the ending balance for each investment category at the end of the year. (Enter negative amounts using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Held for Trading Investments Investments in Associates Account Balance, beginning of year Balance, end of year Record the journal entries for each event described in the table above. (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.) Held for Trading Investments Account Titles and Explanation Debit Credit (To record purchase of investments.) (To record sale investments.) (To record dividends.) (To record dividends.) (To record unrealized gain / (loss) on investments.) Investment in Associates Account Titles and Explanation Debit Credit (To record purchase of investments.) (To record sale investments.) (To record dividends.) (To record share of profit.) Present the amounts that would be reported on the income statement and statement of financial position at year end. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Held for Trading Investments Investment in Associates Statement of Financial Position: Held for Trading Investments Investment in Associates Income Statement