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Problem - In 2020, Novak Limited purchased shares of Gurvir Corp. at a cost of $56,300. This was the first time the company had ever acquired an investment to be accounted for at fair value through other comprehensive income (FV-OCI). At December 31, 2020, the Gurvir Corp. shares had a fair value of $47,200. Novak Limited's income tax rate is 30%. Assume that any gains that are ultimately realized on the sale of the Gurvir Corp. shares will be taxable as ordinary income when the gains are realized.
Required -
1. Prepare the necessary journal entries to record the unrealized loss and the related income taxes in 2020.
2. Prepare the statement of comprehensive income for Novak Limited, beginning with the line for net income of $64,000. Assume Novak Limited reports under IFRS.
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