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At the beginning of the year, Asteroid Corp. purchased 300 common shares of Shield Inc. for $23,400 and accounted for them using FV-OCI (no recycling). During the year, Shield paid a cash dividend of $3.25 per share. On December 31, 2020 (yearend), Shield shares had a fair value of $74.50 per share. On January 1, 2021, Asteroid sold all shares of Shield for $75.00.
Problem 1: Based on information above, prepare all the necessary journal entries up to and including December 31, 2020
Problem 2: Based on information above, prepare all the necessary journal entries for the sale of the investment on January 1, 2021
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