Shamrock, which follows ASPE, acquired $100,000$ common shares, which is $25\%$ of the outstanding common shares, of Tahiti Ltd$.$ on

January $1,2023$ for $$591,000.$ At the time of purchase, Tahiti Ltd$\text{'}$s depreciable assets were undervalued by $$38,000.$ The depreciable

assets had a remaining useful life of $5$ years with no salvage value. Tahiti Ltd$.$ declared and paid a cash dividend of $$0\mathrm{.}30$ per share on

July $31,2023.$ Tahiti Ltd$.$ reported $$1\mathrm{.}2$ million as net income on December $31,2023$ for the year ending. Also, on December $31,2023,$

the fair value of the investment in Tahiti Ltd shares was $$642,000.$

Prepare all the journal entries for $2023$ in the books of Shamrock Inc. relating to above transactions assuming that Shamrock Inc. is not

in a position to exercise significant influence over Tahiti Ltd$,$ and that Shamrock elected to account for its investment following the fair

value through net income $($FV$-$NI$)$ model. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.

Record journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the

amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit