Reference no: EM133050524
Question - On January 23, 2021, Vancouver Inc. purchased 4,300 common shares of Halifax Corporation at a price of $28 each. On May 7, 2021, Vancouver Inc. received a dividend of $2.35 per share on its investment in Halifax Corporation.
On Vancouver Inc.'s year end date of October 31, 2021, the common shares in Halifax Corporation were trading at $33 each.
On February 26, 2022, Vancouver Inc. sold 25% of its shares in Halifax Corporation at $35 per share.
Vancouver Inc. pays a 1% commission on all purchases and sales of securities.
Vancouver Inc. uses the fair value through net income (FV-NI) method to account for its investment in Halifax Corporation.
Required - Prepare journal entries for Vancouver Inc. for each of the above transactions, including any applicable year end adjusting entries.
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