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Problem 1: On January 1, 2019, Acquire Corporation purchased 15,000 of the 100,000 outstanding shares of Me Corporation for $498,000. The investment was accounted for as a fair value through profit or loss (FVTPL) investment. The fair value of Acquire's investment was $520,000 at December 31, 2019. On January 1, 2020, Acquire purchased an additional 30 per cent of Me's shares for $1,040,000. The second share purchase allows Acquire to exert significant influence over Me. During the two years Me reported the following results: 3 Required: With respect to this investment, prepare Black's journal entries with full explanation for both 2019 and 2020
Net Income Dividends Declared and Paid
2019 $400,000 $240,000
2020 540,000 $250,000
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