Willow Corp

Willow Corp. is a real estate developer with its headquarters in Burlington, Ontario.
As a result of recent increases in land prices, Willow has accumulated a substantial amount of excess cash. It is looking to invest in a building supply company, but has not yet found a suitable company. To earn a reasonable return and to minimize risk, Willow invests its excess cash in common shares of large, stable corporations.
1. On Jan 1, 2019, Willow paid $1,080,000 to purchase 120,000 common shares of North Line.
2. On December 27, 2019, North Line declared and paid a dividend of $0.25 per common share.
3. On December 31, 2019, the market value of the common shares was $1,200,000.
4. On June 30, 2020, Willow sold the common shares for $1,620,000.
Required:
Using the following table, indicate the amounts to be reported in the balance sheet, through profit or loss, and through other comprehensive income for 2019 and 2020 under two scenarios:
a. Willow irrevocably elected to designates the investment in common shares as an at fair value through OCI (FVOCI)investment.
b. Willow designates the investment in common shares as an at fair value through profit or loss (FVPL)investment.
$\begin{array}{c}\quad\quad \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text { FVOCI } \quad\quad\quad\quad\quad\quad\text { FVPL }\\ \begin{array}{|lll|}\hline \text { } \\\hline \text { Balance sheet } \\\hline \text { Amount through profit or loss } \\\hline \text { Other comprehensive income } \\\hline\end{array}\begin{array}{lll|}\hline \text { 2019 } \\\hline \text { } \\\hline \text { } \\\hline \text { } \\\hline\end{array}\begin{array}{lll|}\hline \text { 2020 } \\\hline \text { } \\\hline \text { } \\\hline \text { } \\\hline\end{array}\begin{array}{lll|}\hline \text { 2019 } \\\hline \text { } \\\hline \text { } \\\hline \text { } \\\hline\end{array}\begin{array}{lll|}\hline \text { 2020 } \\\hline \text { } \\\hline \text { } \\\hline \text { } \\\hline\end{array}\end{array}$

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