Question 1 Lima Limited (LL) applies IFRS 9. LL had the following transactions relating to investments during 2017: 4 January 15 9,000 common shares of Northern Corporation were purchased at $33.50 per share, plus commissions of $1,980. Northern is a publicly-traded company with millions of shares outstanding. August 1 5,000 common shares of Orion Limited were purchased at $52.00 per share, plus commissions of $3,370. Orion is a publicly-traded company with millions of shares outstanding. October 17 LL sold one-third of the Northern shares at $35.00 per share, minus commissions of $2,850. LL's year-end is December 31. At year-end, the Northern shares had a market value of $30.00 per share and the Orion shares had a market value of $55.50 per share. REQUIRED (Ignore income taxes) 1. LL chooses to account for these investments using the FVPL method. Prepare the applicable journal entries for the current year, including the adjusting entries at year-end. Do not prepare any closing entries. 2. Complete the following table: FVPL Investment in Northern (as of December 31) FVPL Investment in Orion (as of December 31) Net income (for the year ended December 31) Other Comprehensive Income (for the year ended December 31) Comprehensive income (for the year ended December 31) 3. Prepare the applicable closing entries as of December 31. Du