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Question - On January 1, 2017, Angelic Company acquired as a long term investment for 7,000,000 a 40% interest in an investee when the fair value of the net assets was 17,500,000. The investee reported the following net losses:
2017 5,000,000
2018 7,000,000
2019 8,000,000
2020 4,000,000
On January 1, 2019, Angelic company made cash advances of 2,000,000 to the investee. On December 31, 2020, it is not expected that Angelic company will provide further financial support for the investee.
Required - Prepare journal entries from 2017 to 2020 in relation to the investment in associate.
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