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On January 1, 2020, Swifty Corporation purchased 30% of the common shares of Martz Limited for $201,000. Martz Limited shares are not traded in an active market. The carrying amount of Martz's net assets was $540,000 on that date. Any excess of the purchase cost over Swifty's share of Martz's carrying amount is attributable to unrecorded intangibles with a 20-year life. During the year, Martz earned net income and comprehensive income of $77,000 and paid dividends of $15,400. The investment in Martz had a fair value of $206,000 at December 31, 2020. During 2021, Martz incurred a net loss and comprehensive loss of $82,000 and paid no dividends. At December 31, 2021, the fair value of the investment was $145,000 and the recoverable amount was $154,000. Assume that Swifty follows IFRS. Prepare all relevant journal entries related to Swifty's investment in Martz for 2020 and 2021, assuming this is its only investment and Swifty cannot exercise significant influence over Martz's policies. Swifty accounts for this investment using the FV-NI model and separately records and reports each type of income (loss) separately. (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.) Debit Credit Account Titles and Explanation 2020: FV-NI Investments Cash (To record investment purchase) Cash Dividend Revenue (To record collection of dividend) FV-NI Investments Investment Income or Loss (To record fair value adjustment) 2021: Investment Income or Loss FV-NI Investments Illustrate how the statement of comprehensive income is affected in 2020. (Enter answers in alphabetical order.) and the of $ Net income will include the of $ Illustrate how the statement of comprehensive income is affected in 2021. Net income will include the for the of $ Prepare all relevant journal entries related to Swifty's investment in Martz for 2020 and 2021, assuming this is its only investment and Swifty exercises significant influence over its associates' policies. (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.) Debit Credit Account Titles and Explanation 2020: Investment Income or Loss Cash (To record investment purchase) Cash Investment in Associate (To record collection of dividend) Investment in Associate Investment Income or Loss (To record investment income) Investment Income or Loss Investment in Associate (To record amortization of fair value difference) 2021: Investment Income or Loss Investment in Associate (To record investment income) Investment Income or Loss Investment in Associate (To record amortization of fair value difference) Loss on Impairment Investment in Associate (To record loss on impairment) Illustrate how the statement of comprehensive income is affected in 2020. Net income will include the of $ Illustrate how the statement of comprehensive income is affected in 2021. Net income will include of $ and of $ Prepare relevant journal entry related to Swifty's investment in Martz for 2020, if you were told that Martz's 2020 statement of comprehensive income included a loss from discontinued operations of $23,000 (net of tax)? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Investment in Associate Loss on Discontinued Opera Investment Income or Loss (To record investment income) Prepare the statement of comprehensive income if you were told that Martz's 2020 statement of comprehensive income included a loss from discontinued operations of $23,000 (net of tax)? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martz Limited Comprehensive Income Statement $ On January 1, 2020, Swifty Corporation purchased 30% of the common shares of Martz Limited for $201,000. Martz Limited shares are not traded in an active market. The carrying amount of Martz's net assets was $540,000 on that date. Any excess of the purchase cost over Swifty's share of Martz's carrying amount is attributable to unrecorded intangibles with a 20-year life. During the year, Martz earned net income and comprehensive income of $77,000 and paid dividends of $15,400. The investment in Martz had a fair value of $206,000 at December 31, 2020. During 2021, Martz incurred a net loss and comprehensive loss of $82,000 and paid no dividends. At December 31, 2021, the fair value of the investment was $145,000 and the recoverable amount was $154,000. Assume that Swifty follows IFRS. Prepare all relevant journal entries related to Swifty's investment in Martz for 2020 and 2021, assuming this is its only investment and Swifty cannot exercise significant influence over Martz's policies. Swifty accounts for this investment using the FV-NI model and separately records and reports each type of income (loss) separately. (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.) Debit Credit Account Titles and Explanation 2020: FV-NI Investments Cash (To record investment purchase) Cash Dividend Revenue (To record collection of dividend) FV-NI Investments Investment Income or Loss (To record fair value adjustment) 2021: Investment Income or Loss FV-NI Investments Illustrate how the statement of comprehensive income is affected in 2020. (Enter answers in alphabetical order.) and the of $ Net income will include the of $ Illustrate how the statement of comprehensive income is affected in 2021. Net income will include the for the of $ Prepare all relevant journal entries related to Swifty's investment in Martz for 2020 and 2021, assuming this is its only investment and Swifty exercises significant influence over its associates' policies. (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.) Debit Credit Account Titles and Explanation 2020: Investment Income or Loss Cash (To record investment purchase) Cash Investment in Associate (To record collection of dividend) Investment in Associate Investment Income or Loss (To record investment income) Investment Income or Loss Investment in Associate (To record amortization of fair value difference) 2021: Investment Income or Loss Investment in Associate (To record investment income) Investment Income or Loss Investment in Associate (To record amortization of fair value difference) Loss on Impairment Investment in Associate (To record loss on impairment) Illustrate how the statement of comprehensive income is affected in 2020. Net income will include the of $ Illustrate how the statement of comprehensive income is affected in 2021. Net income will include of $ and of $ Prepare relevant journal entry related to Swifty's investment in Martz for 2020, if you were told that Martz's 2020 statement of comprehensive income included a loss from discontinued operations of $23,000 (net of tax)? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Investment in Associate Loss on Discontinued Opera Investment Income or Loss (To record investment income) Prepare the statement of comprehensive income if you were told that Martz's 2020 statement of comprehensive income included a loss from discontinued operations of $23,000 (net of tax)? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martz Limited Comprehensive Income Statement $