Britannia Water Company (BWC) purchased 1,000 shares of Scotiabank on March 11, 2021, when the share price
Question:
Britannia Water Company (BWC) purchased 1,000 shares of Scotiabank on March 11, 2021, when the share price was $58 per share. At the close of December 31, 2021, the price of Scotiabank shares had declined to $50. On November 2, 2022, when BWC sold the shares, the price had recovered to $55. During 2022, BWC received dividends of $2.14/share.
Required:
a. Suppose BWC had classified the investment in Scotiabank as fair value through profit or loss (FVPL). Record all journal entries in 2022 relating to this investment.
b. Suppose BWC made the irrevocable election to measure changes in fair value through OCI. Record all journal entries in 2022 relating to this investment.
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a Journal entries for fair value through profit or loss FVPL March 11 2021 Investment in Scotiabank ...View the full answer
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