On 30 June 20X2, King Ltd. purchased 25,000 shares of Prince Inc. for $65,000 plus $2,500 in commission. In 20X2, the company received a $1,250 of dividends, and the shares had a fair value of $75,000 at the end of the year. In 20X3, there were no dividends and the shares were sold for $90,000 less a $1,000 commission. Required: 1. Prepare journal entries for 20X2 and 20X3: (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

• Record the investment made in Prince Inc.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
20X2

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

Journal entry worksheet

• Record the Purchase of Investment.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
20X2