It is year 1, the White Caps Ltd's first year of operations. White Caps Ltd. had the following transactions regarding their investments: May 1 Purchased 600 Jerry Co. common shares for $180 per share. This investment is classified as held for trading. June 1 Purchased 1,000 bonds of Larry Inc. at $300 each. These bonds pay interest at a rate of 6%, paid semi-annually on November 30 and May 31. These bonds were also purchased for trading purposes. July 1 Purchased 4,000 Barry Ltd. common shares for $210 per share. These shares represent 25% of the issued common shares of Barry Itd. Because of this investment, the directors of Barry Ltd. invited a White Caps Ltd. executive lo sit on their board. Sept.1 Received a $3-per-share cash dividend from Barry Ltd. Nov. 1 Sold 200 Jerry Co. common shares for $189 per share. 30 Interest on the Larry Inc. bonds was received. Dec. 15 A $0.50-per-share cash dividend on Jerry Co. common shares was received. 31 As of this date, the following fair values and net income information was identified: $165 per Jerry Co. share $219 per Barry Ltd. share $303 per Larry Inc, bond Barry Ltd. reported net income for the year ended December 31, Year 1, of $300,000. $165 per Jerry Co. share $219 per Barry Ltd. share $303 per Larry Inc. bond Barry Ltd. reported net income for the year ended December 31, Year 1, of $300,000. White Caps Ltd. uses the FVTPL (fair value through profit or loss method) when accounting for non-strategic investments, and the equity method when accounting for strategic investments. Instructions (a) Record the above transactions for the dates May 1 to Dec 15. (10 marks) (b) Prepare all necessary adjusting entries on December 31st Year 1 required to report the investments at their appropriate value and any accrued investment revenue