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5.4 . Unrelated to the above: On December 31, 2018, Rose Corporation purchased 9,000 shares of Lupin Corp.'s common shares at $30 per share plus
5.4 . Unrelated to the above: On December 31, 2018, Rose Corporation purchased 9,000 shares of Lupin Corp.'s common shares at $30 per share plus commission of $2,000. This is the first year in which the company invested in equity securities. On December 15, 2019. Lupin Corp declared and paid a dividend of $0.80 per share. On December 31, 2019, the year end fair value per Lupin share was $32. Then, on February 20, 2020, Rose sold its investment in Lupin common shares for $310,000 cash. Instructions Prepare the necessary journal entries in regard to the investment in Lupin for 2020 assuming that Rose Corporation follows IFRS 9 and accounts for this investment using FV-OCI with no recycling, Rose's policy is to capitalize transaction costs on FV-OCI investments. STATES)
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