On August 1, 2018, Paver Ltd. purchased 1,100 Datawave Inc. common shares for $46,100 cash with the intention of trading the shares and using the fair value through profit or loss model. Datawave declared a dividend of $1 per common share, which Paver received on December 28, 2018. On December 31, 2018, Pavers year end, the shares fair value was $50,700.

Question 3 On August 1, 2018, Paver Ltd. purchased 1,100 Datawave Inc. common shares for $46,100 cash with the intention of trading the shares and using the fair value through profit or loss model. Datawave declared a dividend of $1 per common share, which Paver received on December 28, 2018. On December 31, 2018, Paver's year end, the shares' fair value was $50,700. (a) Prepare the journal entry to record the purchase of this investment on August 1. (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.) Date Account Titles and Explanation Debit Credit Aug. 1