In 20X1, FYY Ltd. purchased 500 shares of Humor Inc. for $6,000 plus $500 in commission. The shares had a fair value of $19,000 at the end of 20X1, $25,000 at the end of 20X2, and $40,000 at the end of 20X3. In 20X4, the shares were sold for $31,000 less $500 in commission. In each of 20X1, 20X2, and 20X3, dividends of $1,200 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming FYY reports using ASPE and the cost method.

Record the investment made in Humor Inc

Record the dividend income for 20X1

Record the dividend income for 20X2.

Record the dividend income for 20X3

Record the sale of investment

b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the investment made in Humor Inc.
• Record the Investment revenue for 20X1.
• Record the holding gain/loss on investment for 20X1
• Record the Investment revenue for 20X2
• Record the holding gain/loss on investment 20X2
• Record the Investment revenue for 20X3
• Record the holding gain/loss on investment for 20X3.
• Record the sale of investment
• Record the transfer of holding gain/loss balance to retained earnings.