Question 1 Lima Limited (LL) applies IFRS 9. LL had the following transactions relating to investments during 2017: January 159.000 common shares of Northem Corporation were purchased at $33.50 per share plus commission of 51.980. Northemis a publicaded company w millions of share outstanding August 15.000 common shares of Orion Limited were purchased at $52.00 per share plus commissions of $3.370 Orion is a publicy traded company with milions of shares Dustanding October told one-third of the Northern shares of $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 Northem (as of December 31) FVPL Investment in Orion (as of December 31) Net income for the year ended December 31) Omer Comprehensive income for the year ended December Comprehensive income for the year ended December 31) 3. Prepare the applicable closing entries as of December 31. Question 2 Refer to the information provided in Question #1 above. Assume the same fact pattern but that LL elects to use the OCI option under IFRS 9. REQUIRED 1. 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: Investment in Northam egally investment with Olector FVOCI Las of December 313 Investment in Orion (equity investment in Ollection FVOCH of December 31) Net income for the year ended December 31) Omer 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 4. If LL was a private company using ASPE, could LL elect to use the OCi option (FVOCI) to account for its equity investments? Explain