+ Assignment #6 Question 5 of 5 7.5/10 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Windsor Inc acquired 147,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $874.650. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $45,440. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.50 per share on July 31, 2020. Tahiti Ltd. reported $1.1 million as net income on December 31, 2020 for the year ending on this date. Assume that Windsor Inc. is in a position to exercise significant influence over Tahiti Ltd, and that Windsor follows IFRS. Prepare all the journal entries for 2020 in the books of Windsor Inc. relating to above transactions. (Credit account titles are automatically indented when the 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 for the amounts.) Date Debit Credit Account Titles and Explanation Investment in Associate Jan. 1 874650 Cash 874650 Jul. 31 v Cash 275000 Investment in Associate 275000 Dec. 31 Investment in Associate 73500 Investment Income or Loss 73500 (To record investment income) Investment Income or Loss 9088 Investment in Associate 9088 (To record amortization of fair value difference) + Calculate the balance in Windsor's "Investment in Tahiti: account at December 31, 2020." , " Investment in Tahiti $ 1076150 e Textbook and Media List of Accounts Save for Later Attempts: 1 of 2 used Submit