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Telnor Corporation (whose year end is December 31 of each year) has made a series of investments in Pineapple Corp., one of their major customers. The management of Telnor has been impressed by the products produced and sold by Pineapple and their market success. These investments are only going to be held for a short period of time. The market price of Pineapple stock on December 31, 2019 and 2020 was $200 and $250 respectively per share. Dividends of $1.00 per share were declared and paid on December 31 of each year.
The following are the purchases and sales that Telnor entered into in 2019 and 2020:
date # of shares cost per sharemar 31 2019 1000 75june 20 2019 1000 125sep 20 2019 1000 175sept 30 2020. (3000). 240
Assume that Telnor accounts for its investment in Pineapple Corp. at fair value through other comprehensive income (FVTOCI).
Required:
Problem (a) Prepare the journal entries to record the transactions in 2019 and 2020 with respect to Telnor's investment in Pineapple.
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