List of accounts to use -

• Allowance to Reduce Deferred Tax Asset to Expected Realizable Value
• Allowance to Reduce Future Tax Asset to Expected Realizable Value
• Current Tax Benefit
• Current Tax Benefit - Discontinued Operations
• Current Tax Expense
• Current Tax Expense - Discontinued Operations
• Current Tax Payable
• Deferred Tax Asset
• Deferred Tax Benefit
• Deferred Tax Benefit - Discontinued Operations
• Deferred Tax Benefit-OCI
• Deferred Tax Expense
• Deferred Tax Expense - Discontinued Operations
• Deferred Tax Expense-OCI
• Deferred Tax Liability
• FV-NI Investments
• FV-OCI Investments
• Future Tax Asset
• Future Tax Benefit
• Future Tax Expense
• Future Tax Liability
• Income Tax Payable
• Income Tax Receivable
• Investment Income or Loss
• Land
• No Entry
• Retained Earnings
• Unrealized Gain or Loss
• Unrealized Gain or Loss-OCI

In 2020, Grouper Limited purchased shares of Gurvir Corp. at a cost of $50,300. This was the first time the company had ever acquired an investment to be accounted for at fair value through other comprehensive income (FV-OCI). At December 31, 2020, the Gurvir Corp. shares had a fair value of $41,100. Grouper Limited's income tax rate is 30%. Assume that any gains that are ultimately realized on the sale of the Gurvir Corp. shares will be taxable as ordinary income when the gains are realized. Prepare the necessary journal entries to record the unrealized loss and the related income taxes in 2020. (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 O for the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2020 (To record fair value adjustment) December 31, 2020 (To record deferred taxes on fair value adjustment) Prepare the statement of comprehensive income for Grouper Limited, beginning with the line for net income of $62,500. Assume Grouper Limited reports under IFRS. Grouper Limited Statement of Comprehensive Income $ $ $