Intermediate Accounting, exercise 9-24

Prepare the journal entries for Monty for 2019 and 2020, assuming that Monty can exercise significant influence over Gregson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit v v v (To record investment income)What amount is reported for the investment in Gregson shares on the December 31, 2020 statement of financial position under each of these methods in Fair Value Method and Equity Method? Fair Value Method Equity Method Investment 49- SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Where is the investment reported on statement of financial position? The Investment accounts under both Fair Value Method and Equity Method are likely to be included in v SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXTWhat amount is reported on Monty's statement of comprehensive income in 2020 under each of these methods, and where are the amounts reported? Monty Inc. Statement of Comprehensive Income Fair Value Method Equity Method Other comprehensive income: v Effect on comprehensive income for 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXTExercise 9-24 Monty Inc. acquired 10% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,210,000 for 55,000 shares, and is equal to 10% of Gregson's carrying amount. Gregson declared and paid a $0.80 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $520,000 for 2020. The fair value of Gregson's shares was $27 per share at December 31, 2020. Monty is a public company and applies IFRS. Prepare the journal entries for Monty for 2019 and 2020, assuming that Monty cannot exercise significant influence over Gregson. The investment is accounted for using the FV-OCI model. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit v v v SHOW LIST OF ACCOUNTS