Score: 0 of 1 pt 2 of 2 (2 complete) HWV Score: 0%, P7-31 (similar to) Question Help Pine Corps a real estate developer with its headquarters in Burlington, Ontario. As a result of recent increases in land prices, Pine hes accumulated a substantial amount of excess cash. It is looking to invest in a building supply company but has not yet found a suitable company to earn a reasonablo return and to minimize Pine invests its excess cash in common shares of large, stable corporations The following describes the events surrounding one of Pine's investments (Click the icon to view the events) Required Using the following table, indicate the amounts to be reported on the balance sheet, through profit or loss, and through other comprehensive income for 2019 arie under two scenarios a. Pine makes the irrevocable election to measure at fair value through OCI b. Pine does not make the irrevocable election to measure at fair value through OCI. Requirement a. Using the following table, indicate the amounts to be reported on the balance sheet, through profit or loss, and through other compresonsive in for 2019 and 2020. Pine makes the irrevocable election to measure at fair value through OCI (Use a minus sign or parentheses to show a doctea30, and enter for any zoro balances) - X Events 1. On January 1, 2019, Pine paid $700,000 to purchase 70,000 common shares of Penguin Inc. 2. On December 27, 2019, Penguin declared and paid a dividend of $1.50 per common share 3. On December 3, 2019, the market value of the common shares was $728 000 4. On June 30, 2020, Pine sold the common shares for $1,120,000 pfit or loss, and through other comprehensive hus sign or parentheses to show a decrease Print Done All parts showing Clear All Check Answer XP7-31 (similar to) Pne Complete developer was design ane As a result of recent de Presented amount of cash it is going olycom but has molyotund se company to earn a return to Prews ces chinmon shares of the corporations The descreste even rounding of 's wees (Cact the conto wow the Required Using the wingede the amounts to be reported on the balance through protoss and though the commencome for 2019 and 2000 de two con Pemes the election to me through OCI Pre does not make the lection to measure to through OG Requirements. Une bolownice the amounts to be reported on the balance sheet through proto, and touch other comme for 2015 and 2020 the chose through OG the amous signor protest show a decrease andra orang balances) with action 2020 Dance sheet 728.000's 0 -X 0 00000 One comprehensive income 2000 Requirement. Ung the footab dich the amounts to be one on the balance she thouge polos 1 onuary 1, 2018 Pred 700 000 to purchase 70.000 common shares of Penguin through leam parentheses to show decease, and enterary 2 December 27, 2019. un declared and dividend of 15 percent On December 31, 2018. The mano the common she was 72.000 4 One 30, 2020, he common thres for $110.000 Done Check Eraryumber in the edited and the Check Answer All parts showing Clear All G Type here to search . 1080
