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Question - ABC Corp. launched its business on Jan 1st, 1990. It invested im in the following investments:
Type
Accounting Classification:
Purchase Price
Fair value on Dec 31st, 1990
Bonds
Amortized Cost
$195,000
$198,000
Shares
FVPL
55,000
75,000
FVOCI
60,000
70,000
ABC earned interest income of $12,000 during 1990. Dividends of $16,000 were declared on the FVPL shares it owned during 1990. Of this amount, $9,000 was received in December 1990 and $7,000 on January 1991 (the ex-dividend date for these shares was prior to the end on the year).
Required - How much would ABC Corp.'s total income form its income would be on the profit or loss portion of its statement of comprehensive income for the year ended December 31, 1990?
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