On December 31, 2020, Camille Co. provided the following information as at December 31, 2020 about its investment accounts that it acquired for trading purposes:

During 2021, Warbler Corp. shares were sold for $23,000 and 50% of the Shickter shares were sold for $42,000. At the end of 2021, the fair value of ABC shares was $19,200 and Shickter Ltd. was $41,000. Camille follows IFRS.
Required:

a. Prepare the adjusting entry for December 31, 2020, if any.

b. Prepare the entry for the Warbler and Shickter sales.

c. Prepare the adjusting entry for December 31, 2021, if any.

d. How would the entries in parts (a), (b), and

(c) differ if Camille accounted followed ASPE?

Transcribed Image Text:

ABC Ltd. shares Warbler Corp. shares Shickter Ltd. Shares Carrying Amount Fair Value $15,000 $17,500 24,300 22,500 75,000 80,200