QUESTION #$3(10$ MARKS$)(10$ MINUTES$)$

On September $1^{st}\mathrm{.}2023,$ the $x$ Company paid $$325,000$ for $20,000(20\%)$ of the common shares of the $Y$ Company. The investment was considered to be one of significant influence. In $2023,Y$ Company reported profits of $$60,000$ and paid dividends of $$15,000$; in $2024$ its profits were $$90,000$ and it paid dividends of $$30,000.$

At January $1^{st}\mathrm{.}2025,x$ sold $15,000$ of the common shares at $$\frac{20}{?}$ share.

Required:$-$Prepare the journal entry to record the gain$/($loss$)$ on the sale of the investment in X$\text{'}$s books at January marks$)$

$($Show all calculations$)$

$5$