Tingalo Inc. purchased three equity investments during the year ended December 31, 2012. Required:
a. Based on the available information, how did Tingalo classify each financial asset?
b. Determine the cost of each of the three investments. If it is not possible to do so with the available information, indicate what additional information would be needed.

Question

Tingalo Inc. purchased three equity investments during the year ended December 31, 2012.  Required:
a. Based on the available information, how did Tingalo classify each financial asset?
b. Determine the cost of each of the three investments. If it is not possible to do so with the available information, indicate what additional information would be needed.

Quizplus · Accepted Answer

The Answer of Tingalo Inc. purchased three equity investments during the year ended December 31, 2012.  Required:
a. Based on the available information, how did Tingalo classify each financial asset?
b. Determine the cost of each of the three investments. If it is not possible to do so with the available information, indicate what additional information would be needed.