The following was reported by Church Financial in its December 31, 2021, financial statements:
| Investments at FVTPL, December 31, 2020 | $11,400 | |
| Investments at FVTPL, December 31, 2021 | 15,600 | |
| Investment Income or (Loss) | (500) |
Additional information:
| 1. | The investments at FVTPL are investments in equity securities held for trading purposes. | |
| 2. | Investment income or loss consists of: holding gain on the FVTPL investments of $2,600, and loss on sale of the FVTPL investments of $3,100. | |
| 3. | The carrying amount of the FVTPL investment sold was $4,200. |
(a)
What is the cash amount received on the sale of the investment?
| Amount received on the sale of the investment | $enter a dollar Amount received on the sale of the investment |
Solution:
amount received on sale of the investment = Carrying amount of investment sold - Loss on sale of investment
= $4 ,200 - $3,100 = $1,100
The following was reported by Church Financial in its December 31, 2021, financial statements: Investments at...