Bramble Inc. acquired 25% of the outstanding common shares of Gregson Inc. on December 31, 2016. The purchase price was $893,000 for 47,000 shares, and is equal to 25% of Gregson's carrying amount. Gregson declared and paid a 50.85 per share cash dividend on June 15 and again on December 15, 2017. Gregson reported net income of $516,000 for 2017. The fair value of Gregson's shares was $21 per share at December 31, 2017. Bramble is a public company and applies IFRS. x Your answer is incorrect. Try again. Prepare the journal entries for Bramble for 2016 and 2017, assuming that Bramble cannot exercise significant influence over Gregson. The investment is accounted for using the FV-OCI 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Jun. 15, 2017 Cash 39,950 39,950 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Prepare the journal entries for Bramble for 2016 and 2017, assuming that Bramble can exercise significant influence over Gregson. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit (To record the dividend received from investments) (To record Investment Income or Loss