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Question - Path Corp has a December 31 year end. During 2019 and 2020, Path has the following investment transactions:
30-Jun-19 Path Corp purchased 2,100 shares of ABC Inc at $13.50 per share.
01-Sep-19 ABC Inc paid dividends of $1.10 per share.
31-Dec-19 ABC Inc shares had a fair value of $11.50 per share.
01-Jul-20 Path Corp sold all of ABC Inc shares for $15.00 per share.
Required -
Part 1 - Assume Path Corp uses the fair value through net income (FV-NI) method to account for its investments. Dividends and other investment income and losses are all reported in one investment account. Prepare the required journal entries on the following dates:
A) June 30, 2019
B) September 1, 2019
C) December 31, 2019
D) July 1, 2020
Part 2 - Assume Path Corp uses the fair value through other comprehensive income (FV-OCI) method to account for its investments (without recycling). Dividend income is required to be recorded in a separate account. Prepare the required journal entries on the following dates:
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