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How much to add or deduct from the investment

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Reference no: EM132903550

Question - Investments - Identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events:

1. Net income reported for the year by the associate was $2,500,000. Adjust net income with data from number 4.

2. As of Jan. 1, 2021, the fair value of the inventory of X was $100,000 higher than its carrying value. All of the inventory were sold as of the end of the year.

3. Share of ABC in the unrealized Holding Loss through OCI by X amounted to $300,000.

4. Jan. 1, 2022 - Upon mutual agreement on ending the provision of technical information and managerial personnel, ABC lost significant influence over X. ABC subsequently sold 17,000 shares for $3,515,000.

5. The remaining shares were valued at $300 per share.

Reference no: EM132903550

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