Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve the last pic please the relevant information needed is provided in all the rest of the pics Wdym by short? Pearl Ltd. has 286.000

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

solve the last pic please the relevant information needed is provided in all the rest of the pics

Wdym by short?

Pearl Ltd. has 286.000 common shares authorized and 82,000 shares issued on December 31, 2020. On January 2, 2021. Shamrock Inc. which reports under IFRS. purchased shares of Pearl for 560 per share on the stock market from another investor Shamrock intends to hold these shares as a long-term investment and initially categorizes it as FVTOCI. Shamrock's accountant prepared a trial balance as at December 31, 2021. under the assumption that the investment is valued at FVTOCI. Under this assumption, the trial balance included the following accounts and amounts related to the Pearl investment: Investments at FVTOCI Dividend revenue OCI-holding gain or loss 51,353,000 102,500 123,000 Your answer is correct. What was the amount of the cash dividend per share that Shamrock received from Pearl in 2021? Cash dividend per share 5 e Textbook and Media Your answer is correct. What was the fair value per share of Pearl shares at December 31, 2021? Fair value per share $ e Textbook and Media Attempts: 1 of 3 used Your Answer Correct Answer (Used) Assume that, after closely examining the situation, Shamrock's auditors determine that Shamrock has significant influence over Pearl. Accordingly, the investment account is adjusted to $1,421,875 at December 31, 2021. What was the profit reported by Pearl for the year ended December 31, 2021? Profit reported by Pearl $ 1,177.500 (f) Your Answer Correct Answer (Used) Assuming that Shamrock has significant influence over Pearl what amount will Shamrock report on its income statement for 2021 with regard to this investment? SHAMROCK INC. Income Statement (Partial) Year Ended December 31, 2025 Other Revenues income from livestment in Associate $ 294,375 le) How would your answer to part of change if Shamrock reported under ASPE and chose to use the cost method to account for its investment in Pear because the shares did not have a quoted market price? SHAMROCK INC Income Statement (Partial) e Textbook and Media Safor Lite Attempts: 0 of 3 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

4th Edition

0073379352, 9780073379357

More Books

Students also viewed these Accounting questions