b) Prepare all relevant journal entries related to Whispering Winds's investment in Martz for 2023 and 2024, assuming this is its only investment and Whispering Winds exercises significant influence over its associates' policies.

2023:

(To record investment purchase)

(To record collection of dividend)

(To record investment income)

(To record amortization of fair value difference)

2024:

(To record investment income)

(To record amortization of fair value difference)

(To record loss on impairment)

c) Prepare all relevant journal entries related to Whispering Winds's investment in Martz for 2023 and 2024, if you were told that Martz's 2023 statement of comprehensive income included a loss from discontinued operations of $22,000 (net of tax)?

2023:

(To record investment purchase)

(To record collection of dividend)

(To record investment income)

(To record amortization of fair value difference)

2024:

(To record investment income)

(To record amortization of fair value difference)

(To record loss on impairment)

d) Prepare the statement of comprehensive income if you were told that Martz's 2023 statement of comprehensive income included a loss from discontinued operations of $22,000 (net of tax)?

On January 1, 2023, Monty Corporation purchased 30% of the common shares of Martz Limited for $201,000. Martz shares are not traded in an active market. The carrying amount of Martz's net assets was $540,000 on that date. Any excess of the purchase cost over Monty's share of Martz's carrying amount is attributable to unrecorded intangibles with a 20-year life. During the year, Martz earned net income and comprehensive income of $79,000 and paid dividends of $15,800. The investment in Martz had a fair value of $206,000 at December 31, 2023. During 2024, Martz incurred a net loss and comprehensive loss of $84,000 and paid no dividends. At December 31, 2024, the fair value of the investment was $145,000 and the recoverable amount was $154,000. Assume that Monty follows IFRS. (a1) Prepare all relevant journal entries related to Monty's investment in Martz for 2023 and 2024, assuming this is its only investment and Monty cannot exercise significant influence over Martz's policies. Monty accounts for this investment using the FV-NI model. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Prepare all relevant journal entries related to Monty's investment in Martz for 2023 and 2024, assuming this is its only investment and Monty cannot exercise significant influence over Martz's policies. Monty accounts for this investment using the FV-NI model. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) 2023: (To record investment purchase) (To record receipt of dividend) (To record fair value adjustment) 2024