QUESTION 11 Entity A has purchased an investment of 25,000 shares on 1 August 2019 at a cost of $7.25 each. Entity A intends to sell these shares in the short term, and are holding them for trading purposes. Transaction cost on the purchase amounted to $3,525. At the year-end of 30 September 2019, these shares were now worth $9.50 each. On 15 October 2019, these shares were worth $9.25 each. All shares were sold at $265,450. REQUIRED: Provide journal entries for Entity A from 1 August 2019 to 15 October 2019 in accordance with relevant accounting standards. ACCOUNTS FOR INPUT: Financial asset (Amortised Cost) | Financial asset (FVTPL) | Financial asset (FVTOCI) Financial liability Equity instrument Transaction cost Bank | Loss allowance Impairment loss Gain on remeasurement (P/L) | Loss on remeasurement (P/L) | Gain on remeasurement (OCI) | Loss on remeasurement (OCI) || Payable | Receivable Other income other expense | Reclassification (P/L)| Reclassification (CI) Interest expense Interest revenue Loss on disposal Gain on disposal | Retained earnings | No entry ANSWERS: Journal Entries: Date 1-Aug-19 Account Name Debit ($) Credit (S) Hints For Sequence Not an Asset. Judge Dr/Cr. Only Enter Amount 30-Sep-19 Judge Dr/Cr. Only Enter Amount. 15-Oct-19 15-Oct-19 Not an Asset. Judge Dr/Cr. Only Enter Amount. Judge Dr/Cr. Only Enter Amount