Prepare the journal entries for Swifty Corporation for 2020, assuming that Swifty cannot exercise significant influence over Noah and accounts for the investment at FV-OCI.

Prepare the journal entries for Swifty Corporation for 2020, assuming that Swifty can exercise significant influence over Noahs operations.

Prepare the 2020 journal entries if Swifty Corporation were a private company applying ASPE.

On January 1, 2020, Swifty Corporation, a public company following IFRS, acquired 17,700 of the 59,000 outstanding common shares of Noah Corp. for $28 per share. Noah's statement of financial position reported the following information at the date of the acquisition: Assets not subject to depreciation Assets subject to depreciation Liabilities $292,200 855,900 151,900 Additional information: 1. On the acquisition date, the fair value is the same as the carrying amount for the assets that are not subject to depreciation and for the liabilities. 2. On the acquisition date, the fair value of the assets that are subject to depreciation is $971,900. These assets had a remaining useful life of eight years at that time. 3. Noah reported 2020 net income of $116,000 and paid dividends of $5,600 in December 2020. 4. Noah's shares are not actively traded on the stock exchange, but Swifty has determined that they have a fair value of $27 per share on December 31, 2020