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.

1. Prepare journal entries for 20X1 to 20X4.

a. Assuming FYY reports using ASPE and cost method is used.

b. Assuming FYY reports using IFRS, and the shares are classified as FVOCL-Equity.