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On March 1, Year 9, Saskatchewan Inc., a Canadian company with a December 31 year-end, invested the sum of 1,320,000 Swiss francs (CHF) in Norktel,
On March 1, Year 9, Saskatchewan Inc., a Canadian company with a December 31 year-end, invested the sum of 1,320,000 Swiss francs (CHF) in Norktel, a Swiss telecommunications company. On the acquisition date, the shares cost CHF12 per share. On November 30 , Year 9 , Norktel declares and pays a dividend of CHF1.50 per share. On December 31, Year 9 , shares of Norktel were trading at CHF10 per share. On September 1 , Year 10, all of the shares are sold for CHF14 per share. Spot rates for the CHF at various times during the period are as follows: Exchange rates changed evenly throughout the year. Required: (a) Provide journal entries to record the transactions assuming that Saskatchewan Inc. classifies its investment as fair value through profit or loss (FVTPL). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet
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