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At 1 July 2018, Creative Ltd acquired 150,000 shares in Brokerage Ltd at a price of $5 each. There were brokerage fees of $1,000. The
At 1 July 2018, Creative Ltd acquired 150,000 shares in Brokerage Ltd at a price of $5 each. There were brokerage fees of $1,000. The closing market price on Brokerage Ltd shares on 30 June 2019 was $10. i. Provide the required accounting journal entries for Creative Ltd to account for the Investment in Brokerage Ltd using fair value through other comprehensive income at 1 July 2018 and 30 June 2018. Also show calculations/workings. (4 Marks) ii. How future dividends on above equity investment will be treated in the financial statements of Creative Ltd
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