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(ii) Zota Ltd purchased 40,000 K1 listed shares at a price of K3 per share on 1 January 2020. An
irrevocable election was made to recognize the shares as a Fair Value through Other
Comprehensive Income financial instrument. Transaction costs were K6, 000. At the year end of
31 December 2020, the shares were trading at K7 per share.
Required:
Explain the accounting treatment for the above financial instrument and show financial statement
extracts for the year ending 31 December 2020.
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