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Prepare the adjusting entry for December

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Reference no: EM133061972

Question - The following information is available about Culver Corp.'s investments at December 31, 2020. This is the first year Culver has purchased securities for investment purposes.

Securities

Cost

Fair Value

3,190 shares of Petra Corporation common shares

$62,205

$68,605

1,020 shares of Dugald Inc. preferred shares

23,460

19,860

 

$85,665

$88,465

Assume that Culver Corp. follows IFRS.

Required -

1. Prepare the adjusting entry for December 31, 2020, assuming the investments are acquired for trading purposes and accounted for using the FV-NI model with no separate reporting of dividends and other types of FV-NI investment income and losses.

2. Prepare the adjusting entry for December 31, 2020, assuming the investments are accounted for using the FV-OCI model.

Reference no: EM133061972

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