$($b$)$

Assume instead that Kingbird is a public company that follows IFRS. Prepare closing entries for Kingbird assuming that instead of

FV$-$NI Investments the company holds FV$-$OCI Investments and that instead of Investment Income, the Company has recorded an

unrealized gain of $$3,100$ for the year in its Unrealized Gain or Loss$-$OCl account. $($List all debit entries before credit entries. Credit

account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

$($To close revenue accounts$)$

$($To close expense accounts$)$

$($To close income summary$)$

$($To close dividends$)$