On January 1, 2023, Wonder Corporation purchased 34,000 common shares of Wharf Ltd. for $55 per share. At the time, Wharf had 200,000 shares outstanding. At the time of purchase, Wharfs equipment was undervalued by $18,000 and had a remaining useful life of 6 years. Both companies have a December 31 year-end. On August 31, Wharf declared and paid a cash dividend of $0.80 per share. On December 31, 2023, Wharf reported a net income of $360,000. The shares in Wharf Ltd. were trading at $52 per share on that day. REQUIRED: a) Assume that the investment in Wharf Ltd. does not represent significant influence and that Wonder Corporation classifies the investment as FV-NI. Prepare the necessary journal entries on the books of Wonder Corporation to record the above transactions. (3 Marks) b) b) Assume that the investment in Wharf Ltd. does represent significant influence. Prepare the necessary journal entries on the books of Wonder Corporation to record the above transactions