33. Ontario Trust Corporation (OTC) purchased 5,000 shares of Lilly Company for $25 per share on November 1, Year 1. As allowed under IFRS 9, OTC chose to classify its investment in Lilly's equity as FVOCI at the time of purchase. Lilly paid a dividend of $1.10 per share on December 1. The year-end market price of Lilly's stock was $28. OTC subsequently sold all 5,000 shares for $27. page 207 Required: Prepare the journal entries required under IFRS as well as those that would be required under U.S. GAAP. Comment on how the investment in Lilly affected OTC's pretax income in Years 1 and 2, as well as how income would differ if OTC were a U.S. company