Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair market value of the 10% shareholding was $3,105,000 as at 1 March. The purchase consideration included a $2,800,000 note receivable due from Charlie Limited and the related interest receivable balance of $144,000, $140,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at cost $120,000

Journal entires of that day