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Indigo Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In order to get a better return on some of its
Indigo Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. In order to get a better return on some of its excess cash, Indigo purchased 250 common shares of AFS Corporation on July 1, 2023 at a price of $6 per share. On the day of acquisition, Indigo elected to account for the investment using the fair-value through other comprehensive income (FV-OCD) without recycling On August 1, 2023, AFS declared dividends of $1/share, and paid those dividends on August 20, 2023. On December 31 2023, shares in AFS were trading at $8 per share. On September 15, 2024, Indigo sold the shares in AFS for $10 per share. Prepare the journal entries required to record the above transactions on the books of Indigo Ltd. (Credit ecomunt titles are outomatical Indented when amount is entered. Do not Indent manually Record journal entries in the order presented in the problem. If no entry is required select "No Entry" for the account titles and enter 0 fol the amounts List all disbit entries before credit entries) Date Account Titles and Explanation Debit
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