[10:13 a.m., 2021-05-07] Mohamed: On December 31, 2014, Hubble Corp. has the following securities in its portfolio of temporary investments:

CostMarket

5,000 common shares of Orion Corp.$ 80,000$ 70,500

10,000 common shares of Rigel Ltd.91,00092,500

$171,000$163,000

On April 1, 2015, Hubble purchased 400 common shares of Aries Corp. @ $48.75 each plus 7.0% brokerage fee.On July 1, 2015 Hubble received dividends totalling $5,450 from their portfolio investments.

On December 31, 2015, Hubble's portfolio of trading equity securities reported the following market values:

5,000 common shares of Orion Corp.$ 76,600

10,000 common shares of Rigel Ltd.98,500

400 common shares of Aries Corp.17,750

$192,850

Required:

Assuming Hubble uses the FV-OCI model, prepare the general journal entries for (Note that dates are required for these journal entries; explanations are not required):

a)the 2014 year-end adjusting entry,

b)the 2015 transactions, and

c)the 2015 year-end adjusting entry.

[10:13 a.m., 2021-05-07] Mohamed: Assuming Hubble uses the FV-OCI is there difference bet oci and ni ?