Brighton Company started business in 2013. During the year, it made the following investment purchases:
Additional information:
· During 2014, Brighton Company sold the ABC stock for $172 per share.
· The market price of the securities on 31 December 2013 and 2014 were as follows:
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- During 2015, Brighton Company sold the DEF stock for $9 per share.
· Assume no dividends were distributed(a) Using the following table as a guide, compute the following balance sheet account and income statement balances related to the investments above, assuming both securities are classified as available-for-sale securities. (You may give the breakdown for each security and show the final total amounts in a summary table)
(b) Using the following table as a guide, compute the following balance sheet account balances related to the investments above, assuming both securities are classified as trading securities. (You may give the breakdown for each security and show the final total amounts in a summary table)
(c) Analyse and discuss the factors that cause the effective tax rate to differ from the statutory tax rate. (10 marks)
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