Mainland Corporation is a real estate developer with its headquarters in Calgary, Alberta. As a result of recent increases in land prices, Mainland has accumulated a substantial amount of excess cash. It is looking to invest in a building supply company, but has not yet found a suitable company. To earn a reasonable return and to minimize risk, Mainland invests its excess cash in common shares of large, stable corporations. On Jan 1, 2015, Mainland paid $1,080,000 to purchase 120,000 common shares of NorthLine. Mainland receives dividends of $0.50 per share on November 10, 2015. On December 31, 2015, the market value of the common shares was $1,200,000. On June 30, 2016, Mainland sold all Northline common shares for $11.50 per share. Required

a)Prepare the journal and closing entries 2015 and 2016.

b) Willow irrevocably elected to designate the investment in common shares at fair value through OCI investment. Show all calculations.

c) Willow designates the investment in common shares at fair value through profit or loss (FVPL) investment.