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Ravens Corporation purchases a 20% interest in Titans Corporation on January 2, 2020, for $ 950,000. At that time, the carrying amount of Titans' net assets was $ 3,850,000. Any excess of the cost of the investment over the Ravens' share of the Titans' carrying amount can be attributed to unrecorded intangibles with a useful life of 15 years. Titans declared and paid a dividend of $ 26,000 and reported a net income of $ 52,000 for its year ended December 31, 2020. With 20% of ownership, Ravens is considered to have significant influence on Titans.
Instructions
Assume Ravens is a publicly accountable enterprise that applies IFRS.
Problem a) Prepare Ravens' 2020 entries to record all transactions and events related to the investment in its associate on:
i) January 2, 2020,
ii) December 31, 2020.
Problem b) Calculate the value of Ravens investment on Titans on December 31, 2020.
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