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During Y2, Aylmer Inc. purchased the following investments for cash but incorrectly recorded them as Other Investments on the balance sheet. AyImer follows IFRS. REQUIRED
During Y2, Aylmer Inc. purchased the following investments for cash but incorrectly recorded them as "Other Investments" on the balance sheet. AyImer follows IFRS. REQUIRED 1 Prepare the entry to correct the above amounts from "Other Investments" to the appropriate accounts assuming that the common shares are classified as FV-Nl, the investment in London represents significant influence and the bonds are classified as FV-OCl. 2 Prepare the entry to accrued interest income at December 31. 3 Prepare necessary revluation entries given the following fair values: \begin{tabular}{|l|ll} \hline Belmont Limited & $ & 253,083 \\ \hline Lyons Inc. & $ & 115,312 \\ \hline Calton Corp. & $ & 148,600 \\ \hline \end{tabular} 4 Prepare any required entries given the following Y2 information for London Inc: 5 Report the appropriate balances on the December 31,Y2 balance sheet for the above information. 6 After interest was received, the Lyons Inc bonds were sold on April 30,Y3 for $124,500. Prepare the appropriate entry(ies)
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