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Prepare the journal entries for chen

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Question - Chen Group acquired 20% of the outstanding ordinary shares of Cho Ltd. on December 31, 2022. The purchase price was V125,000,000 for 50,000 shares. Cho declared and paid an V80 per share cash dividend on June 30 and on December 31, 2023. Cho reported net income of V73,000,000 for 2023. The fair value of Cho's shares was Y2,700 per share at December 31, 2023.

Required -

a. Prepare the journal entries for Chen for 2022 and 2023, assuming that Chen cannot exercise significant influence over Cho. The investments should be classified as trading.

b. Prepare the journal entries for Chen for 2022 and 2023, assuming that Chen can exercise significant influence over Cho.

Reference no: EM133137465

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