Novak Inc. acquired 25% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $947,100 for 45,100 shares, and is equal to 25% of Gregsons carrying amount. Gregson declared and paid a $0.85 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $527,000 for 2020. The fair value of Gregsons shares was $25 per share at December 31, 2020. Novak is a public company and applies IFRS.

Prepare the journal entries for Novak for 2019 and 2020, assuming that Novak cannot exercise significant influence over Gregson. The investment is accounted for using the FV-OCI 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 O for the amounts.) Account Titles and Explanation Debit Credit Date Prepare the journal entries for Novak for 2019 and 2020, assuming that Novak can exercise significant influence over Gregson. (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.) Account Titles and Explanation Debit Credit Date What amount is reported for the investment in Gregson shares on the December 31, 2020 statement of financial position under each of these methods in Fair Value Method and Equity Method? Fair Value Method Equity Method Investment SHOW LIST OF ACCOUNTS LINK TO XT LINK T XT LINK TO TEXT Where is the investment reported on statement of financial position? The Investment accounts under both Fair Value Method and Equity Method are likely to be included in What amount is reported on Novak's statement of comprehensive income in 2020 under each of these methods, and where are the amounts reported? Novak Inc. Statement of Comprehensive Income Fair Value Method Equity Method Other comprehensive income: Effect on comprehensive income for 2020