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Not sure of the entries i placed please correct them if they are wrong Flint Inc. acquired 20% of the outstanding common shares of Gregson
Not sure of the entries i placed please correct them if they are wrong
Flint Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2022. The purchase price was $1,130,800 for 51,400 shares and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.70 per share cash dividend on June 15 and again on December 15, 2023. Gregson reported net income of 5534.000 tor 2023. The fair value of Gregson's shares was $23 per share at December 31,2023 . Flint is a public company and applies IFRS. (a) Prepare the journal entries for Flint for 2022 and 2023 , assuming that Flint cannot exercise significant influence over Gregson. The imvestment is accounted for using the FV-OCl model. (Credit ocoount titles are outomotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter O for the amounts. Record entries in the order disployed in the problem statement. List all debit entries before credit entries) Dec.31.2002 FV-Ni investments Cash Jun. 15. 2023 cash Dividend Revenue Dee. 15. 2023 Unrealized Gain or Lens FVNI Investments \begin{tabular}{|l|l|} \hline Dec. 31,2023 Cash & \\ \hline & Dividend Revenue \end{tabular}Step by Step Solution
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