On 1 November 20X8, Porter Company acquired the following FVTPL investments:

• Minto Corp.2,400 common shares at $10 cash per share
• Pugwash Corp.900 preferred shares at $20 cash per share

The annual reporting period ends 31 December. Quoted fair values on 31 December 20X8 were as follows:

• Minto Corporation common, $7
• Pugwash Corporation preferred, $23

The following information relates to 20X9:

2 March		Received cash dividends per share as follows: Minto Corporation, $2.50; and Pugwash Corporation, $1.35.
1 October		Sold 240 shares of Pugwash Corporation preferred at $26 per share.
31 December		Fair values were as follows: Minto common, $17, and Pugwash preferred, $22.

Required: 1. Prepare the entry for Porter Company to record the purchase of the securities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare the adjusting entries needed at the end of 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Show the amount that would be reported in 20X8 earnings and the asset amounts on the statement of financial position.

4. Prepare the all entries required in 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

5. Show the amount that would be reported in 20X9 earnings and the asset amounts on the statement of financial position.

6. Repeat part (5), assuming that both the investments were originally designated FVOCI-Equity investments. Include the balance of the AOCI equity reserve for holding gain/loss for the SFP amounts. The holding gain/loss amounts are not reclassified after realization.

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