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Question - On 1 January 2014, Kenchana Bhd acquired 2,000,000 ordinary shares of Mawar bhd with a quoted price of RM12,500,000. In addition, it incurred commissions fees of RM700,000. At the same time Kenshana Bhd issued bonds for a total consideration of RM3,500,000 and incurred transaction cost of RM80,000. Kenchana Bhd has made irrevocable election for share of Mawar Bhd and measured the bond at fair value through profit and loss.
Required -
i. Prepare journal entries to record the purchase of Mawar Bhd shares.
ii. Prepare journal entries to record the issue of bonds. Show the changes in the fair value of the investments if the quoted market price of the shares were RM15,000,000 on 31 December 2014.
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