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Prepare all the journal entries for potato inc

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Question - On January 1st, 2019, Potato Inc. (Potato) purchased 4% of the shares of Steak Co. (Steak). At that time, Steak had 500,000 shares issued and outstanding and those shares were trading at $15 / share. During the year ended December 31, 2019, Steak declared dividends of $1.00 / share, to be paid out in 6 months. On December 3Ist, 2019, Steak shares were trading at $17 / share. On March 31st, 2020, Potato sold its investment in Steak shares at a selling price of $12 / share. Assume Potato's management decides to use the Fair Value through OCI model. Prepare all the 2019 and 2020 journal entries for Potato Inc.

Reference no: EM133132324

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