Monty Inc. acquired 10% of the outstanding common shares of Gregson Inc. on December 31,2022 . 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, 2023. Gregson reported net income of $520,000 for 2023 . The fair value of Gregson's shares was $27 per share at December 31,2023 . Monty is a public company and applies IFRS. (a) Prepare the journal entries for Monty for 2022 and 2023, assuming that Monty cannot exercise significant influence over Gregson. The investment is accounted for using the FV-OCl model. (Credit account titles are automatically indented when the

Monty Inc. acquired 10% of the outstanding common shares of Gregson Inc. on December 31,2022 . 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, 2023. Gregson reported net income of $520,000 for 2023 . The fair value of Gregson's shares was $27 per share at December 31,2023 . Monty is a public company and applies IFRS. (a) Prepare the journal entries for Monty for 2022 and 2023, assuming that Monty cannot exercise significant influence over Gregson. The investment is accounted for using the FVOCI 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. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.)