Hello,

I would like to get the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you.

On January 1, 2019, Virus Company acquired 60,000 shares of Covid-19 Limited at $5 per share, representing 10% of Covid-19 outstanding voting shares. On July 31, 2019, Covid-19 declared and paid a dividend of $1 per share. Covid-19's net income for 2019 was $2,800,000. On December 31, 2019, the shares of Covid-19 were trading on the Toronto Stock Exchange at $ 16 per share. Requirement: Provide the journal entries on Virus's books relating to its investment in Covid-19, assuming that Virus classifies Covid-19 Fair Value through Net income. Show your calculations. Closing entries are not required