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Cowboys Corporation purchases a 25% interest in Giants Corporation on January 2, 2020, for $ 800,000. At that time, the carrying amount of Giants' net assets was $ 2,952,000. Any excess of the cost of the investment over the Cowboys' share of the Giants' carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Giants declared and paid a dividend of $ 16,000 and reported a net income of $ 52,000 for its year ended December 31, 2020. Cowboys is considered to have significant influence on Giants.
Assume Cowboys is a publicly accountable enterprise that applies IFRS. Prepare Cowboys' 2020 entries to record all transactions and events related to the investment in its associate on:
Problem 1: Prepare Cowboys' 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 2: Calculate the value of Cowboys investment on Giants on December 31, 2020.
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