Scenario 2 (Repeated) This scenario applies to Questions 12-20. The facts are repeatedly displayed over each question. Assume that all companies in this scenario are public companies listed on the Australian Stock Exchange. Each company has 500,000 ordinary shares on issue. On 1 April 2023, Teleprompt Ltd purchased 2,000 ordinary shares of Morgan Ltd. On the same day, Morgan Ltd purchased 4,000 ordinary shares of Dawkins Ltd and 5,000 ordinary shares of Hawking Ltd. The market share prices of Morgan Ltd, Dawkins Ltd, and Hawking Ltd at the following dates (purchase date and end of financial year) are listed below: 1 April 2023 30 June 2023 Morgan Ltd $10.10 $9.80 Dawkins Ltd $2.20 $1.70 Hawking Ltd $3.30 $3.40 In addition, the following costs were incurred by the acquirer in each of the share purchases. All stamp duties and brokerage fees were paid in cash on the day of the share purchase. Employee salaries are accrued on the day of purchase and paid at the end of each month. Purchasing Shares of Morgan Ltd Purchasing Shares of Dawkins Ltd Purchasing Shares of Hawking Ltd Brokerage fees $1,010 $440 $825 Stamp duties $606 $264 $495 Employee salaries* $404 $176 $330 * for time spent in evaluating and transacting the share purchases. Teleprompt Ltd and Morgan Ltd have both elected to take the changes in fair value of its investments through other comprehensive income (OCI). Teleprompt Ltd purchased the shares in Morgan Ltd for the purpose of long-term investment in order to receive dividends over many years. Morgan Ltd purchased the shares of Hawking Ltd for the same purpose. In contrast, Morgan Ltd purchased the shares of Dawkins Ltd with the expectation of selling them within the next three months to earn rapid capital gains. Question What is the nature of any gain/loss on investment recorded by Morgan Ltd on 30 June 2023 in relation to its investment in Hawking Ltd? Group of answer choices Gain on Investment (OCI) Loss on Investment (P&L) Loss on Investment (OCI) Gain on Investment (P&L)