On $30$ June $202,$ King Ltd$.$ purchased $49,000$ shares of Prince Inc. for $$68,600$ plus $$4,900$ in commission. In $202,$ the company received $$2,450$ of dividends, and the shares had a fair value of $$88,200$ at the end of the year. In $203,$ there were no dividends and the shares were sold for $$117,600$ less a $$1,960$ commission.

Required:

Prepare journal entries for $202$ and $20$X$3$: $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

a$.$ Assuming King reports under ASPE and has chosen the cost method.

Journal entry worksheet

$1$

$2$

$3$

Record the investment made in Prince Inc.

Note: Enter debits before credits.

Transaction

b$.$ Assuming King reports under IFRS and classified the investment as fair$-$value$-$through$-$profit$-$or$-$loss.

Journal entry worksheet

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$2$

$3$

$4$

Record the Purchase of Investment.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[202,,,],[,,,]]$