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Question - On January 1, 2021, your company acquires 10,000 shares of Investee Business Limited ("IBL"), representing 42% of the shares of IBL, for $220,000. As part of that investment, your company is entitled to appoint one director to the four-member Board of Directors. For the year ended December 31, 2021, IBL earns $400,000 of profit (net income) and no other comprehensive income. Also, on December 31, 2021, IBL declares and pays a dividend of $88,000 to all shareholders.
REQUIRED -
1. Prepare journal entries for the following dates:
(a) January 1, 2021; and
(b) December 31, 2021.
2. What should be the ending balance of the Investment in IBL account on the balance sheet as of January 1, 2022?
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