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Pina Colada Corporation made the following purchases of investments during 2023, the first year in which Pina Colada invested in equity securities: 1. 2. 23
Pina Colada Corporation made the following purchases of investments during 2023, the first year in which Pina Colada invested in equity securities: 1. 2. 23 3. On January 15, it purchased 10,260 shares of Nirmala Corp's common shares at $38.20 per share plus commission of $2,256. On April 1, it purchased 5,700 shares of Oxana Corp's common shares at $59 per share plus commission of $3,842. On September 10, it purchased 7,980 shares of WTA Corp's preferred shares at $30.50 per share plus commission of $3,317. On May 20, 2023, Pina Colada sold 3,420 of the Nirmala common shares at a market price of $40 per share less brokerage commissions of $3,249. The year-end fair values per share were as follows: Nirmala $34, Oxana $63, and WTA $32. The chief accountant of Pina Colada tells you that Pina Colada holds these investments with the intention of selling them to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model. Pina Colada follows IFRS. Prepare the adjusting entry needed on December 31, 2023. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 FV-NI Investments Investment Income or Loss Debit Credit
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