Question 7 [20 points) On January 1, 2015, Norto, bought 50% of the outstanding common shares of Weber in for $200,000 cash and has the abity to significantly Wence Wiertaniandering och At the date of acquisition of the shares Weber in 'n net assets had a fair value of $450,000. Thell carrying value was $300.000 The diference was attributable to the town of Wetter in buildings and its and exceeding carrying value oath accounting for one half of the difference Weber Inc.'s net income for the year ended December 31, 2015, 1200000. During 2016. Won declared and paid cash dividends of $30,000. The buildings have a remaining life of 15 years Northe follows IFRS (a) Prepare an appropriate joumal entries related to the investment during 2015, Muming North accounts for this investment by the wily method. Entot an appropriate description when entering the transactions in the journal Dates must be entered in the format ddim Jarmuary 15 would be 15 Jan). Potem sure your nain) 1 2 decimal places Determine the amount to be reported by NorthCo as an investment on its balance sheet. Please make sure your final answer(s) are accurate to the nearest whole number alance sheet amount = $ Determine the amount to be reported by NorthCo as investment revenue on its income statement. Please make sure your final answers) are accurate to the nearest whole number ome statement amount = $ metermine the amount to be reported by Northco among investing activities on its cash flow statement. Please make sure your final answer(s) are accurate to the nearest whole number flow statement amounts Question 7 [20 points) On January 1, 2015, Norto, bought 50% of the outstanding common shares of Weber in for $200,000 cash and has the abity to significantly Wence Wiertaniandering och At the date of acquisition of the shares Weber in 'n net assets had a fair value of $450,000. Thell carrying value was $300.000 The diference was attributable to the town of Wetter in buildings and its and exceeding carrying value oath accounting for one half of the difference Weber Inc.'s net income for the year ended December 31, 2015, 1200000. During 2016. Won declared and paid cash dividends of $30,000. The buildings have a remaining life of 15 years Northe follows IFRS (a) Prepare an appropriate joumal entries related to the investment during 2015, Muming North accounts for this investment by the wily method. Entot an appropriate description when entering the transactions in the journal Dates must be entered in the format ddim Jarmuary 15 would be 15 Jan). Potem sure your nain) 1 2 decimal places Determine the amount to be reported by NorthCo as an investment on its balance sheet. Please make sure your final answer(s) are accurate to the nearest whole number alance sheet amount = $ Determine the amount to be reported by NorthCo as investment revenue on its income statement. Please make sure your final answers) are accurate to the nearest whole number ome statement amount = $ metermine the amount to be reported by Northco among investing activities on its cash flow statement. Please make sure your final answer(s) are accurate to the nearest whole number flow statement amounts
