On 30 June 20x2, King Ltd. purchased 29,000 shares of Prince Inc. for $69,600 plus $2,900 in commission. In 20x2. the company received a $1,450 of dividends, and the shares had a fair value of $81,200 at the end of the year. In 20x3, there were no dividends and the shares were sold for $98,600 less a $1,160 commission. Required: 1. Preparejournal 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. Investment in securities: Prince Ltd Cash Investment in securities: Prince Ltd 2 20x2 Dividend income Investment in securities: Prince Ltd Investment revenue: Gain on sale 23.490 6 Accounts payable Cash Commission expense Dividend income Investment in FVTPL securities: Prince Ltd Investment in FVTPL securities: Prince Ltd Investment revenue: gain on sale of investment Investment revenue: Holding gain Investment revenue: Holding loss Investment revenue: Loss on sale b. Assuming King reports under IFRS and classified the investment as fair-value-through-profit-or-loss. No Transaction General Journal Debit Credit 1 20X2 Investment in FVTPL securities: Prince Ltd V 72,500 X Cash X X 72,500 X X 2 20X2 Investment in FVTPL securities: Prince Ltd X 1,450 Dividend income v 1,450 V 3 20X2 Investment in FVTPL securities: Prince Ltd V 7,250 X Investment revenue: Holding gain V 7,250 X 4 20X3 Cash V 97,440 Investment in FVTPL securities: Prince Ltd 81,200 Investment revenue: gain on sale of investment X 16,240 V *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.Accounts payable Cash Commission expense Dividend income Investment in FVTPL securities: Prince Ltd CInvestment in FVTPL securities: Prince Ltd Investment revenue: gain on sale of investment Investment revenue: Holding gain Investment revenue: Holding loss Investment revenue: Loss on sale