Culver Corporation purchased a 25% interest in Krov Corporation on January 2, 2017, for $800. At that time, the carrying amount of Krovs net assets was $3,020. Any excess of the cost of the investment over Culvers share of Krovs carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Krov declared and paid a dividend of $18 and reported net income of $35 for its year ended December 31, 2017. Prepare Culvers 2017 entries to record all transactions and events related to the investment in its associate. Assume that Culver is a publicly accountable enterprise that applies IFRS. (Round answers to 2 decimal places, e.g. 52.75. 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.)

Culver Corporation purchased a 25% interest in Krov Corporation on January 2, 2017, for $800. At that time, the carrying amount of Krovs net assets was $3,020. Any excess of the cost of the investment over Culvers share of Krovs carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Krov declared and paid a dividend of $18 and reported net income of $35 for its year ended December 31, 2017.

Date

Account Titles and Explanation

Debit

Credit

_______________________

________________________

Dividend received from associate:

__________________________

__________________________

Culvers share of associates net income:

__________________________

__________________________

Amortization of Krovs unrecognized intangible assets: ________________________

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