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Pat Inc.(P) acquired 15% of the 100,000 outstanding common shares of Mark Inc.(M) on January 1, 2019 for a cash consideration of $150,000 and a further 10% of the company's common shares a year later for $110,000. On July 1, 2020, P sold half their holding in M for proceeds of $150,000. M'searned income of $150,000 in 2019 and $180,000 in 2020 (evenly over both years) and paid a regular semi-annual dividend of $60,000 in June and December each year. P does not have significant influence overM and its investment in M is classified at all times as a fair value through profit and loss investment (FVTPL). M's shares were trading for $11 at the end of 2019 and $12.50 at the end of 2020.
Required:
Question 1: Prepare dated journal entries for P for 2019 to account for its investment in Markand any related income therefrom.
Question 2: Calculate the P investment account in M as at Dec 31,2020.
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