Homework Answers
a.
| Particulars | Amount | Amount |
| Retained earnings, December 31, year 1 | $604000 | |
| Net Income , Year 2 | 124000 | |
| Less: Dividend paid out | 35000 | |
| Earnings for year 2 | 89000 | |
| Retained earnings, December 31, year 2 | $693,000 |
b.
| Balance sheet
Disclosure for Trading Investment For December 31, Year 2 |
|
| Current Assets | |
| Trading investment (at cost) (164000+45000) | $209,000 |
| + Valuation allowance for Trading investment | (34,000) |
| Trading investment (at fair value) | $175,000 |
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