(Answered) Question - problem on january 1 2016 oganessen inc

Accounting

Question - Problem: On January 1, 2016, Oganessen Inc. purchased 30% of the outstanding common shares of Tennessine Company at a cost of $300,000 plus brokerage costs of $3,000. No acquisition differential/fair value adjustment arose from this purchase.

During 2016, Tennessine reported net income of $80,000 and declared dividends of $60,000. At the end of that year, Oganessen's holding in Tennessine had a fair value of $360,000. During 2017, Tennessine reported net income of $60,000 and other comprehensive income of $40,000 and declared dividends of $80,000. At December 31, 2017, the market value of Oganessen's holding in Tennessine was $320,000.

Using the fair value through profit and loss investment (FVPL), what is the net income for 2016 AND 2017, the OCI for 2016 AND 2017, and the investment account balance at the end of 2016 AND 2017?

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