Orange LTD has the following investments at December 31, 2020; Historical cost $25.000 Fair value Sept 30, 2019 $15.000 Fair value Sept 30, 2020 $25,000 Fair value Dec 31, 2020 $30,000 Shares of DEF Bonds of Brooke purchased at par value) Shares of CooksTown Shares of Tulip 10,000 12,000 18,000 12,000 18,000 16,500 11,000 16,000 19,500 12,500 16,000 20,500 Orange, whose year-end is Sept. 30, purchased the share of Tulip on January 1, 2019, If Orange irrevocably elected to classify its investment in Tulip at fait value through OCL what amount will be reported in other comprehensive income at September 30, 2020? O $1,500 gain $2,500 gain. et O $19,500 O $3,000 gain.

Orange LTD has the following investments at December 31, 2020; Historical cost $25.000 Fair value Sept 30, 2019 $15.000 Fair value Sept 30, 2020 $25,000 Fair value Dec 31, 2020 $30,000 Shares of DEF Bonds of Brooke purchased at par value) Shares of CooksTown Shares of Tulip 10,000 12,000 18,000 12,000 18,000 16,500 11,000 16,000 19,500 12,500 16,000 20,500 Orange, whose year-end is Sept. 30, purchased the share of Tulip on January 1, 2019, If Orange irrevocably elected to classify its investment in Tulip at fait value through OCL what amount will be reported in other comprehensive income at September 30, 2020? O $1,500 gain $2,500 gain. et O $19,500 O $3,000 gain.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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