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Kirkland Ltd. buys a bond denominated in Turkish lira for 1,000 lira at par, when the exchange rate is 1 lira = $.50 USD. At

Kirkland Ltd. buys a bond denominated in Turkish lira for 1,000 lira at par, when the exchange rate is 1 lira = $.50 USD. At FYE, the FMV of the bond is 1,100 lira and the exchange rate is 1 lira = $.30 USD. Present the journal entries to record the purchase and subsequent change in value assuming that the investment is classified as AFS under both US GAAP and IFRS.

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