Question 5 Swifty Ltd. invested $1,250,000 in Gloven Corp. early in the current year, receiving 25% of its outstanding shares. At the time of the purchase, Gloven Corp. had a carrying amount of $3,637,500. Gloven Corp. pays out 35% of its net income in dividends each year. Assume that Swifty Ltd. applies IFRS and that the 25% holding of Gloven shares is sufficient to enable Swifty to significantly influence the operating, investing, and financing decisions of Gloven. Use the information in the following T account for the investment in Gloven to answer the following questions: Investment in Gloven Corp. 1,250,000 107,000 37,450 19,500 How much was Swifty Ltd.'s share of Gloven Corp.'s net income for the year? Share of Swifty Ltd. in Gloven Corp.'s net income s How much was Swifty Ltd.'s share of Gloven Corp.'s dividends for the year? Share of Swifty Ltd. in Gloven Corp.'s dividend s How much was Swifty Ltd.'s annual depreciation of the excess payment for capital assets? Annual depreciation $ What was Gloven Corp.'s total net income for the year? Gloven Corp.'s total net income s What were Gloven Corp.'s total dividends for the year? Gloven Corp.'s total dividends $ Assuming that depreciable assets had a remaining useful life of 10 years when Swifty acquired its investment in Gloven, how much of the payment in excess of carrying amount was assigned to goodwill? Excess of carrying amount assigned to goodwill $