SarasotaInc. acquired15% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $866,400for45,600shares, and is equal to15% of Gregson's carrying amount. Gregson declared and paid a $0.85per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $491,000for 2020. The fair value of Gregson's shares was $23per share at December 31, 2020.Sarasotais a public company and applies IFRS.

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Prepare the journal entries forSarasotafor 2019 and 2020, assuming thatSarasotacannot exercise significant influence over Gregson. The investment is accounted for using the FV-OCI model.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

What amount is reported for the investment in Gregson shares on the December 31, 2020 statement of financial position under each of these methods inFair ValueMethodandEquityMethod?

Fair Value

Method

Equity Method

$enter a dollar amount

investment $enter a dollar amount