Pina Colada Corporation made the following purchases of investments during 2020, the first year in which Pina Colada invested in equity securities:

1.		On January 15, purchased 10,260 shares of Nirmala Corp.’s common shares at $38.20 per share plus a commission of $2,256.
2.		On April 1, purchased 5,700 shares of Oxana Corp.’s common shares at $59 per share plus a commission of $3,842.
3.		On September 10, purchased 7,980 shares of WTA Corp.’s preferred shares at $30.50 per share plus a commission of $3,317.

On May 20, 2020, Pina Colada sold 3,420 of the Nirmala common shares at a market price of $40 per share with fewer 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 Corporation holds these investments with the intention of selling them in order to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model.

Assume that Pina Colada Corporation follows IFRS 9.  
 
 
 
 
 

Question 1 of 7 -/1 Current Attempt in Progress Pina Colada Corporation made the following purchases of investments during 2020, the first year in which Pina Colada invested in equity securities: On January 15, purchased 10,260 shares of Nirmala Corp's common shares at $38.20 per share plus commission of 1. $2,256. On April 1, purchased 5,700 shares of Oxana Corp's common shares at $59 per share plus commission of $3,842. On September 10, purchased 7,980 shares of WTA Corp's preferred shares at $30.50 per share plus commission of $3,317. 2. 3. On May 20, 2020, 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 Corporation holds these investments with the intention of selling them in order to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model. Assume that Pina Colada Corporation follows IFRS 9. Prepare the journal entries to record the three investments. (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. 15 Apr. 1 Sep. 10 II