On January 3, 2020, Culver Limited purchased 3,200 (32%) of the common shares of Sonja Corp. for $488,920. The following information is provided about the identifiable assets and liabilities of Sonja at the date of acquisition:

		Carrying Amount			Fair Value
Assets not subject to depreciation		$544,000			$544,000
Assets subject to depreciation (10 years remaining)		830,000			940,000
Total identifiable assets		1,374,000			1,484,000
Liabilities		93,000			93,000

During 2020, Sonja reported the following information on its statement of comprehensive income:

Income before discontinued operations		$237,000
Discontinued operations (net of tax)		(73,400	)
Net income and comprehensive income		163,600
Dividends declared and paid by Sonja November 15, 2020		110,000

Assume that the 32% interest is enough to make Sonja an associate of Culver, and that Culver is required to apply IFRS for its financial reporting. The fair value of Sonjas shares at December 31, 2020, is $155 per share.

Prepare the journal entry to record Culvers purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained payment represents unrecognized goodwill of Sonja.) (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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 3, 2020	enter an account title for the journal entry on January 3	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 3	enter a debit amount	enter a credit amount

Prepare all necessary journal entries associated with Culvers investment in Sonja for 2020. Depreciable assets are depreciated on a straight-line basis. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to record dividends collected	enter a debit amount	enter a credit amount
enter an account title to record dividends collected	enter a debit amount	enter a credit amount
(To record dividends collected)
enter an account title to record investment income or loss	enter a debit amount	enter a credit amount
enter an account title to record investment income or loss	enter a debit amount	enter a credit amount
enter an account title to record investment income or loss	enter a debit amount	enter a credit amount
(To record investment income or loss)
enter an account title to record amortization of fair value difference	enter a debit amount	enter a credit amount
enter an account title to record amortization of fair value difference	enter a debit amount	enter a credit amount
(To record amortization of fair value difference)