S&L Financial typically classifies equity investments as fair value through other comprehensiveinvome under the irrevucable uption permiued by IFRS 9. On Devember 27, 2022, S&L purchasedAmber Company sharcs for $875,000 and sold the sharcs on January 3, 2023, for S880,000.At December 31, the shares had a fair value of $873,000. What pretax amounts did S&L includein its 2022 and 2023 other comprehensive income as a result of this investment?

As per IFRS 9 If an equity investment is classified as per Fair value through other comprehensive…

S&L Financial typically classifies equity investments as fair value through other comprehensive income under the irrevocable uption permitted by IFRS 9. On December 27, 2022, S&L purchaSed Amber Company sharcs for $675,000 and sold the sharcs on January 3, 2023, for S680,000. At December 31, the shares had a fair value of $873.000. What pretax amounts did S&L include in its 2022 and 2023 other comprehensive income as a result of this investment?

S&L Financial typically classifies equity investments as fair value through other comprehensive income under the irrevocable uption permitted by IFRS 9. On December 27, 2022, S&L purchaSed Amber Company sharcs for $675,000 and sold the sharcs on January 3, 2023, for S680,000. At December 31, the shares had a fair value of $873.000. What pretax amounts did S&L include in its 2022 and 2023 other comprehensive income as a result of this investment?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 23E

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