Question - Entity A invested in 20,000 shares of a listed company in Oct 2017 at a cost of $3.80 per share. At 31 Dec 2017 the shares have a market value of $3.40. Entity A is not planning on selling these shares in the short term and elects to hold them as Fair Value Through Other Comprehensive Income.
Question:
What is the amounts will be recognised in the Statement of Profit or Loss for the financial asset as at 31 Dec 2017?
What is the amounts of the equity investment will be recognised in the Statement of Financial Position for the year-end of 2017?
What is the amounts of the fair value reserve will be recognised in the Statement of Financial Position for the year-end of 2017?