Exercise 9-27 On January 3, 2020, Sheffield Limited purchased 3,900 (39%) of the common shares of Sonja Corp. for $545,940. The following information is provided about the identifiable assets and liabilities of Sonja at the date of acquisition: Carrying Amount Fair Value Assets not subject to depreciation $528,000 $528,000 Assets subject to depreciation (10 years remaining) 811,000 881,000 Total identifiable assets 1,339,000 1,409,000 Liabilities 93,000 93,000 During 2020, Sonja reported the following information on its statement of comprehensive income: Income before discontinued operations $185,000 Discontinued operations (net of tax) (56,100) Net income and comprehensive income 128,900 Dividends declared and paid by Sonja November 15, 2020 115,000 Assume that the 39% interest is enough to make Sonja an associate of Sheffield, and that Sheffield is required to apply IFRS for its financial reporting. The fair value of Sonja's shares at December 31, 2020, is $152 per share. Your answer is partially correct. Try again. Prepare the journal entry to record Sheffield's purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained payment represents unrecognized goodwill of Sonja.) (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.)