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Question - On January 1, Year 4, X Inc. purchased 22% of the voting shares of Y Inc. for $100,000, such that significant influence is assumed to exist. The net income and paid dividends for Y for the following two years are as follows:
Net Income Dividends
Year 4 $50,000 $20,000
Year 5 $70,000 $80,000
On January 31, Year 6, X sells all of its shares of Y Inc. for $125,000 cash. Please assume that Y Inc. reports a net loss of $10,000 for January, Year 6.
(1) What would be gain or loss from sale on January 31, Year 6, assuming that the shares are reported at cost under ASPE?
(2) What would be gain or loss from sale on January 31, Year 6, assuming that the shares are reported using the equity method under IFRS?
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