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Question - Resolute Limited acquired 45% of Jain Corporation's 58,000 common shares for $17 per share on January 1, 2021. On June 15, Jaindeclared a dividend of $126,000 and Aurora received its share of the dividend on the same day. On December 31, Jain reported net income of $304,000 for the year. At December 31, Jain's shares were trading at $20 per share. Resolute accounts for this investment using the equity method.
Resolute also acquired 15% of the 378,000 common shares of Trevis Ltd for $29 per share on March 18, 2021. On June 30, Trevisdeclared a $330,000 dividend and Aurora received its share of these dividends on that day. On December 31, Trevis reported net income of $594,000 for the year. At December 31, Trevis's shares were trading at $27 per share. Resolute intends to hold on to the Trevis shares as a long-term investment for the dividend income. Resolute uses the fair value through profit or loss model for this investment.
Required - Record the above transactions for the year ended December 31, 2021.
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