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Prepare journal entries including the reclassification entry

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On January 1, 2019, 454 Company purchased 10,000 common shares of 223 Co. for $400,000. During 2019, 223 Company earned $100,000 and paid dividends of $50,000. At year end 2019, the shares were selling for $42.00 a share. 454 Co. follows IFRS 9. The shares were sold on January 30, 2020 for $42.50 a share. 454 classified the investment as FVOCI.

Question 1: Prepare 454's journal entries for 2019 and 2020 including the reclassification entry, if applicable to this investment.

Reference no: EM132464026

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