Reference no: EM132485920
On February 1, 20X5, Peter Co. purchased 20% of the outstanding shares of Mary Inc cost of $275,000. During the next two fiscal years, Mary Inc. reported the following:
Net income Dividends
January 31, 20X6 $42,000 $20,000
January 31, 20X7 $35,000 $15,000
The fair value of the investment in Mary shares was $310,000 and $260,000, on January 20X6 and 20X7, respectively.
Required:
Question A) If Peter uses the FVTOCI for recording its investment in Mary, what would the balance in the investment account be at January 31, 20X7? What would be reported on the statement of comprehensive income with respect to this investment for 20X6 and 20X7
Question B) If Peter uses the equity method for recording its investment in Mary, what would the balance in the investment account be at January 31, 20X7? What would be reported or statement of comprehensive income with respect to this investment for 20X6 and 20X7
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