Grape Corporation purchases a 25% interest in Orange Corporation on January 2, 2018, for $800. At that time, the carrying amount of Oranges net assets was $2,950. Any excess of the cost of the investment over Grapes share of Oranges carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Orange declared and paid a dividend of $17 on October 20, 2018 and reported net income of $50 for its year ended December 31, 2018.

Required

1. Prepare Grapes 2018 entries to record all transactions and events related to the investment in its associate. Assume Grape is a publicly accountable enterprise that applies IFRS.