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Question - On September 1, 2017, Samina Inc. acquired 500 preferred shares of Mcculy Limited at $8 per share. In addition, Samina Inc. also paid brokerage fee of $150 for the acquisition. Samina Inc. designated the investment as FVTOCI. The annual reporting period ends December 31. Quoted fair value of the preferred share on December 31, 2017 was $12 per share.
Mcculy Limited declared and paid $1.50 per share to its preferred shareholders on December 31, 2014. On April 22, 2018, Samina Inc. sold all Mcculy Limited preferred shares for $10 per share and the brokerage fee of this transaction was $200. Balance of the equity reserve for holding gains/losses will be reclassified to retained earnings after realization.
Required - Prepared Samina Inc.'s journal entries for the above events.
Assuming Samina Inc. designated the investment as FVTPL, please provide the journal entry when the share was acquired on September 1, 2017.
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