On January 3, 2021, Whispering Winds Inc. obtained significant influence over the operations of Ing Ltd. by buying 30% of Ing's 39,000 outstanding common shares, at a cost of $9.90 per share. The following events took place in 2021.

June 15Ing declared and paid a cash dividend of $40,950.December 31Ing reported net income of $74,100 for the year.

The fair value of the Ing shares at December 31, 2021 was $11.40 per share.

(a) Your answer is partially correct. Try again. Prepare the journal entries for Whispering Winds Inc. for the fiscal year ended December 31, 2021. (Credit account titles are automatically indented when 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 x Long-term Investments at FVTOCI-Bonds 386100 Cash 386100 M June 15 v Cash 12285 Investment in Associate 12285 V V x Dec. 31 v Investment in Associate 25935 X Long-term Investment at FVTOCI-Equity v 25935X X B Long-term Investments at FVTOCI-Bonds 386100 X Cash 5 v Cash 12285 OCI-Gain on Fair Value Adjustment Investment in Associate X Cash 25935 Income from Investment in Associate V Long-term Investment at FVTOCI-Equity Dividend Revenue Short-term Investment-Equity Short-Term Investments at FVTPL-Bonds Loss on Sale of FVTPL - Equity