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ACME Incorporated purchased 800 common shares of McCade Ltd. for $23,600 plus $500 in brokerage fees and accounted for them using FV-NI. During the year,

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ACME Incorporated purchased 800 common shares of McCade Ltd. for $23,600 plus $500 in brokerage fees and accounted for them using FV-NI. During the year, McCade paid a cash dividend of $8.00 per share. At year end, the shares had a fair value of $34.00 per share. Required: Prepare ACME's journal entries (show calculations beneath each entry and ignore dates) to record the following: (a) the Purchase of the investment (2 marks) (b) the dividends received (2 marks) (c) the fair value adjustment (2 marks) (d) the fair value adjustment if the company had elected to classify the investment as FV-OCI (4 marks)

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