Quick Investment Company (QIC)began Operations on January 1, 2020 QIC Earned Interest of $12,000 During 2020
Quick Investment Company (QIC) began operations on January 1, 2020. It acquired the following investments: QIC earned interest of $12,000 during 2020. Dividends of $16,000 were declared on the FVPL shares it owned during 2020. Of that amount, $9,000 was received in December 2020 and $7,000 was received in January 2021 (note that the ex-dividend date for these shares was prior to the end of the year) . How much would QIC's total income from its investments be on the profit or loss portion of its statement of comprehensive income for the year ended December 31, 2020?
A) $21,000
B) $28,000
C) $48,000
D) $58,000
Correct Answer:
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