Reference no: EM132472025
RR Company purchased 12,000 common shares of SS Inc. on January 1, Year 1 for $198,000. SS inc. had 80,000 common shares outstanding. The following information relates to SS Inc.:
Net Income (loss) Dividends paid Market value/share at Dec. 31
Year 1 $300,000 $75,000 $17.25
Year 2 $(180,000) $40,000 $18.30
On January 1, Year 3, RR sold Investment in SS Inc. shares for $20 per share.
Required
Question i) Prepare the journal entries for years 1, 2 and on January 1, year 3 assuming the following independent scenarios:
Question i.a) Investor plans to sell the shares in the short term for profit
Question i.b) Elect to use FVTOCI (include closing journal entry on January 1 Year 3)
Question i.c) Investor has significant influence
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