Question
Barclay Investments Ltd., a private company, had the following transactions in the year. Date Transaction Jan 1st Purchased 4,000 Michael Inc. shares for $15.70 per
Barclay Investments Ltd., a private company, had the following transactions in the year.
| Date | Transaction |
|---|---|
| Jan 1st | Purchased 4,000 Michael Inc. shares for $15.70 per share. |
| Sep 30th | Sold 700 Michael Inc. shares for $16.80 per share. |
| Oct 15th | Received cash dividends of $1.20 per share for the shareholders of record on September 15th. |
On Dec 31st, the shares of Michael Inc. were trading for $15.00 per share.
Required Record all journal entries required for this investment for the year. Assume the company accounts for this investment using the fair value through profit/loss method and has adopted IFRS (elected to combine income).
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How To Audit Anything The Pink Book Of Auditing Any Process
Authors: R. Alakbarov
1st Edition
1520195575, 978-1520195575
