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Culver Inc acquired 126,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2020 for $768,600. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $34,560. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.40 per share on July 31, 2020. Tahiti Ltd. reported $1.3 million as net income on December 31, 2020 for the year ending on this date. Assume that Culver Inc. is in a position to exercise significant influence over Tahiti Ltd, and that Culver follows IFRS.
Problem 1: Calculate the balance in Culver's "Investment in Tahiti: account at December 31, 2020."
Problem 2: What are the journal entries for 2020 in the books of Culver Inc. relating to above transactions?
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