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In 20X1, FYY Ltd, purchased 900 shares of Humor Inc for $14,400 plus $900 in commission. The shares had a fair value of $25,000 at
In 20X1, FYY Ltd, purchased 900 shares of Humor Inc for $14,400 plus $900 in commission. The shares had a fair value of $25,000 at the end of 20X1. $31,400 at the end of 20x2, and $46.600 at the end of 20X3. In 20X4, the shares were sold for $36.700 less $900 in commission. In each of 20X1, 20x2, and 20x3, dividends of $2,160 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. View transaction list Journal entry worksheet Record the investment made in Humor Inc. Note: Enter debits before credits General Journal Debit Credit Transaction 20X1 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet Record the investment made in Humor Inc. Note: Enter debits before credits. General Journal Debit Credit Transaction 20X1 Record entry Clear entry View general journal
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