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Pronghorn Inc acquired 100,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2020 for $495,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $32,000. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.35 per share on July 31, 2020. Tahiti Ltd. reported $1.2 million as net income on December 31, 2020 for the year ending. Also, on December 31, 2020, the fair value of the investment in Tahiti Ltd shares was $545,000.
Problem 1: Make all the journal entries for 2020 in the books of Pronghorn Inc. relating to above transactions assuming that Pronghorn Inc. is not in a position to exercise significant influence over Tahiti Ltd, and that Pronghorn elected to account for its investment following the fair value through net income (FV-NI) model
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