ahu Downloads/Print%20Assignment%20FINAL%20Prabhdeep%20Kaur%20_pdf - + Fit to page Page view A FW Peep Question 33 Whispering Inc acquired 100,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $516,000. At the time of purchase, Tabitud. depredable assets were undervalued by $38,000. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. dedared and paid a cash dividend of $0.40 per share on July 31, 2020. Tahiti Ltd. reported $1.2 million as net income on December 31, 2020 for the year ending. Also, on December 31, 2020, the fair value of the investment in Tahiti Ltd shares was $568,000. evalued by $28.6516,000. At the 5% of the out Prepare all the journal entries for 2020 in the books of Whispering Inc. relating to above transactions assuming that whispering Inc. is not in a position to exercise significant influence over Tahiti Ltd, and that Whispering elected to account for its investment following the fair value through net income (FV-NI) model. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit dge - the fast, new browser built for Windows 10. Change my default