On January 1, 2012, CC Company acquired 60,000 shares, representing 20% of the outstanding shares of VV Limited, at $25 per share. On July 31, 2012, VV declared and paid a dividend of $3 per share. VV's net income for 2012 was $1,000,000. On December 31, 2012, the shares of VV were trading on the Toronto Stock Exchange at $31 per share.
Required:
CC is not sure how to report its investment in VV shares. Using the format provided, indicate the amounts that would appear on the balance sheet and the statement of comprehensive income for 2012 if the investment is considered to be (a)available for sale, (b)held for trading, or (c)an associate.

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The Answer of On January 1, 2012, CC Company acquired 60,000 shares, representing 20% of the outstanding shares of VV Limited, at $25 per share. On July 31, 2012, VV declared and paid a dividend of $3 per share. VV's net income for 2012 was $1,000,000. On December 31, 2012, the shares of VV were trading on the Toronto Stock Exchange at $31 per share.
Required:
CC is not sure how to report its investment in VV shares. Using the format provided, indicate the amounts that would appear on the balance sheet and the statement of comprehensive income for 2012 if the investment is considered to be (a)available for sale, (b)held for trading, or (c)an associate.

On January 1, 2012, CC Company Acquired 60,000 Shares, Representing