On January 1, 2020, Flounder Corporation purchased 20% of the common shares of Martz Limited for $197,000. Martz Limited shares are not traded in an active market. The carrying amount of Martz's net assets was $860,000 on that date. Any excess of the purchase cost over Flounder's share of Martz's carrying amount is attributable to unrecorded intangibles with a 20-year life. During the year, Martz earned net income and comprehensive income of $79,000 and paid dividends of $15,800. The investment in Martz had a fair value of $202,000 at December 31, 2020. During 2021, Martz incurred a net loss and comprehensive loss of $84,000 and paid no dividends. At December 31, 2021, the fair value of the investment was $141,000 and the recoverable amount was $150,000. Assume that Flounder follows IFRS. Your answer is partially correct. Prepare all relevant journal entries related to Flounder's investment in Martz for 2020 and 2021, assuming this is its only investment and Flounder exercises significant influence over its associates' policies. (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.) Account Titles and Explanation Debit Credit 2020: Investment in Associate 197,000 Cash 197,000 (To record investment purchase) Cash 3160 HAR Investment in Associate 3160 (To record collection of dividend) Investment in Associate 15800 Investment Income or Loss 15800 (To record investment income) Investment Income or Loss 5000 I! Investment in Associate 5000 (To record amortization of fair value difference) 2021: Investment Income or Loss 16800 Investment in Associate 16800 (To record investment income) Investment Income or Loss 5000 Investment in Associate 5000 (To record amortization of fair value difference) Loss on Impairment 32840 Investment in Associate 32840 (To record loss on impairment) Illustrate how the statement of comprehensive income is affected in 2020. Net income will include the investment loss from the associate of $ 21800 e Textbook and Media List of Accounts - Your answer is partially correct. Illustrate how the statement of comprehensive income is affected in 2021. Net income will include investment loss on the associate v of $ 21800 and impairment loss of $ [ Prepare relevant journal entry related to Flounder's investment in Martz for 2020, if you were told that Martz's 2020 statement of comprehensive income included a loss from discontinued operations of $22,000 (net of tax)? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a Account Titles and Explanation Debit Credit Investment in Associate 10800 Loss on Discontinued Operations 4400 Investment Income or Loss 15200 (To record investment income) Prepare the statement of comprehensive income if you were told that Martz's 2020 statement of comprehensive income included a loss from discontinued operations of $22,000 (net of tax)? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martz Limited Comprehensive Income Statement For the Year Ended December 31, 2020 Income from Continuing Operations 101000 Loss from Discontinued Operations -22000 Net Income / (Loss) $ ta 79000