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Quick Investment Company (QIC)began Operations on January 1, 2020 QIC Earned Interest of $12,000 During 2020

Question 88

Multiple Choice

Quick Investment Company (QIC) began operations on January 1, 2020. It acquired the following investments:  Fair Value at  Type  Category  Cost  Year End  Bonds  Amortized cost $195,000$198,000 Shares  At fair value through 55,00075,000 profit or loss  Shares  At fair value through 60,00070,000 OCI \begin{array} { | l | l | r | r | } \hline &&& { \text { Fair Value at } }\\ \text { Type } & \text { Category }&\text { Cost } & { \text { Year End } } \\\hline \text { Bonds } & \text { Amortized cost } & \$ 195,000 & \$ 198,000 \\\hline \text { Shares } & \text { At fair value through } & 55,000 & 75,000 \\& \text { profit or loss } & & \\\hline \text { Shares } & \text { At fair value through } & 60,000 &70,000 \\ & \text { OCI } & & \\\hline\end{array} 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

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