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Fisher Corporation Has the Following Investments at December 31, 2020

Question 61

Multiple Choice

Fisher Corporation has the following investments at December 31, 2020:
 Historical cost  Fair value  Sept 30, 2019  Fair value  Sept 30,2020  Fair value  Dec 31,  Shares of ABC 25,00015,00025,00030,000 Bonds of Brooke  (purchased at par value)  10,00012,00011,00012,500 Shares of CooksTown  Fisher holds 35% of the  outstanding voting shares of  CooksTown)  12,00018,00016,00016,000 Shares of Davenport 18,00020,00019,00019,000\begin{array} { | l | r | r | r | r | } \hline & \text { Historical cost } & \begin{array} { r } \text { Fair value } \\\text { Sept 30, 2019 }\end{array} & \begin{array} { r } \text { Fair value } \\\text { Sept 30,2020 }\end{array} & \begin{array} { r } \text { Fair value } \\\text { Dec 31, }\end{array} \\\hline \text { Shares of ABC } & 25,000 & 15,000 & 25,000 & 30,000 \\\hline \begin{array} { l } \text { Bonds of Brooke } \\\text { (purchased at par value) }\end{array} & 10,000 & 12,000 & 11,000 & 12,500 \\\hline \begin{array} { l } \text { Shares of CooksTown } \\\text { Fisher holds 35\% of the } \\\text { outstanding voting shares of }\end{array} & & & & \\\text { CooksTown) } & 12,000&18,000 &16,000 &16,000 \\\hline \text { Shares of Davenport } & 18,000 & 20,000 & 19,000 & 19,000 \\\hline\end{array}
-Refer to the above table.If Satellite irrevocably elected to classify its investment in Davenport at fair value through OCI, what amount will be reported for the investment at September 30, 2020?


A) $1,000
B) $18,000
C) $19,000
D) $20,000

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