Skuttle Inc. buys 200 shares of Berke Inc. on March 1, 2013, for $4.20 per share. Skuttle Inc. incurs transaction costs of $120. At December 31, 2013, the market price is $5.10 per share. Skuttle Inc. sells the shares on February 1, 2014, for $1,020 and incurs transaction costs of $50.
Required
Prepare the journal entries that Skuttle would make to record its transactions in Berke shares using IFRS 9.