Question #1:

On May 1, 2020, Clarke Inc. acquired 1,250 shares of Mayson Ltd. for $75,000. This investment represents a 16% interest in Mayson Ltd. Clarke Inc. has classified this investment as FVTOCI. On December 31, 2020, Mayson Ltd paid a $35,000 dividend to its shareholders. On April 30, 2021, Mayson Ltd's shares were valued at $30 per share, and Mayson Ltd. reported a net loss of $27,000 for the year. On June 15, 2021, Clarke Inc sold the shares for $37,000. Both Clarke Inc and Mayson Ltd have April 30, 2021, year-ends.

Required: Prepare dated journal entries for the investment on the acquiring company's books from acquisition to disposal. Ignore income taxes. Journal entry descriptions are optional.

Question #2:

Following is information about Sunland's Furniture's direct labour hours and wages last period. Actual labour hours at the standard price per hour $1,978 2,073 Actual labour hours at the actual price per hour Standard labour hours at the standard price per hour 2,069 Standard labour hours at the actual price per hour 2,166 (a) Calculate the direct labour efficiency variance. Labour efficiency variance $