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NEED HELP WITH PART C!! I ALREADY TRIED 82080 AND 82500. Flounder Limited, a public company that follows IFRS and has a calendar year end,
NEED HELP WITH PART C!! I ALREADY TRIED 82080 AND 82500.
Flounder Limited, a public company that follows IFRS and has a calendar year end, made the following purchases of investments in 2023. Flounder intends to sell these investments to earn short-term profits from appreciation in their prices and accounts for the investments using the FV-NI model. This is the first year in which Flounder invested in equity securities: 1. On March 20, purchased 5,100 shares of Wu Inc. common shares at $29 per share plus commission of $420. 2. On August 15, purchased 2,900 shares of Xi Inc. common shares at $25 per share plus commission of $410. On June 30, Flounder sold 3,060 shares of Wu Inc. at \$31 less commission of $570. The December 31, 2023 market value of the Wu shares was $32 and of the Xi shares was $24. Prepare the journal entries for the two purchases of investments. (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. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Prepare the journal entry for the sale of 3,060Wu Inc. shares on June 30,2023 . (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. List all debit entries before credit entries.) Prepare the adjusting entry needed at December 31, 2023. (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. List debit entry before credit entry.)Step by Step Solution
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