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Oriole Inc., which follows IFRS, had the following events during the year ended December $31,2023.$ Oriole has an income tax rate of

$30\%.$

Oriole has investments that are recorded at fair value through other comprehensive income $($FV$-$OCl$).$ At December $31,2022,$

an error was made in the calculation of the fair values of these investments. The amount of the error was an overstatement of

the fair value by $$140,000.$

During November $2023,$ a competitor company filed a patent infringement suit against Oriole, claiming damages of $$680,000.$

The company's legal counsel has indicated that an unfavourable verdict is probable and a reasonable estimate of the court's

award to the competitor is $$363,000.$ Oriole has not reflected or disclosed this situation in the financial statements.

Vacation Wages Payable on December $31$ have been consistently omitted from the records at year end and have been entered

instead as expenses when paid in the following year. The amounts that were recorded in this way were as follow$5$:

Dec. $31,2020,$$$15,400$

Dec. $31,2021,22,200$

Dec. $31,2022,17,000$

Prepare any necessary journal entries for the year ended December $31,2023.($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. List all

debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

No$.$ Account Titles and Explanation

Debit

Credit

Accumulated Other Comprehenslve Income

$140000$

FV$-$NI Imestments

$140000$

Retalned Earnings

Litlgation Llablility

Salarles and Wages Experse