An associate is an entity in which an investor has significant influence over the investee.

Which of the following indicate the presence of significant influence? Explain

A$)$ The investor owns $330,000$ of the $1,500,000$ equity voting shares of the investee.

B$)$ The investor has representation on the board of directors of the investee.

C$)$ The investor is able to insist that all of the sales of the investee are made to a subsidiary of

the investor.

D$)$ The investor controls the votes of a majority of the board members.

Ulysses owns $35\%$ of Grant, which it purchased on $1$ May $20$X$8$ for $$7\mathrm{.}5$ million. At that date Grant

had retained earnings of $$9\mathrm{.}4$ million. At the year end date of $31$ October $20$X$8$ Grant had retained

earnings of $$18\mathrm{.}5$ million after paying out a dividend of $$1$ million. On $30$ September $20$X$8$ Ulysses

sold $$800,000$ of goods to Grant, on which it made $25\%$ profit. Grant had resold none of these goods

by $31$ October. At what amount will Ulysses record its investment in Grant in its consolidated

statement of financial position at $31$ October $20$X$8?$