During 2023, Elisabeth Ltd. purchased 2,000 shares of Rose of Sharon Corp. for $25 per...
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Accounting
During Elisabeth Ltd purchased shares of Rose of Sharon Corp. for $ per share $ total Elisabeth held these shares until September when it sold them for $ per share. During these three years, Rose of Sharon paid dividends of $ per share on July On Elisabeth's fiscal yearend December shares of Rose of Sharon closed at $$ and $ in and respectively.
Required
Assume that the company designated half of the Rose of Sharon shares as FVPL and the other half irrevocably elected to record fair value changes through OCI. Determine the amounts to be reported on Elisabeth's balance sheet and statement of comprehensive income with respect to the company's investment in Rose of Sharon Corp. What do you observe about the total amount of retained earnings for the three years combined?
any zero balances. Use a minus sign or parentheses to show a loss or a decrease in an account.
Balance sheet
Financial asset
Equity: AOCl on Rose of Sharon shares
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