Sheffield Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $999,600 for 47,600 shares, and is equal to 20% of Gregsons carrying amount. Gregson declared and paid a $0.75 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $487,000 for 2020. The fair value of Gregsons shares was $24 per share at December 31, 2020. Sheffield is a public company and applies IFRS.

(b) Your answer is partially correct. Assuming Marigold applies the equity method to account for its investment in Washi, prepare the journal entries to record Marigold's equity in the net income and the receipt of dividends from Washi Corp. in 2020. (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 for the amounts.) Account Titles and Explanation Debit Credit Cash 103000 Investment in Associate 103000 (To record collection of dividend) Investment in Associate 103000 Investment Income or Loss 103000 (To record investment income) Investment Income or Loss 103000 Investment in Associate 103000 (To record depreciation of fair value difference) Prepare the journal entries for Bramble for 2019 and 2020, assuming that Bramble can exercise significant influence over Gregson. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit (To record investment income) What amount is reported for the investment in Gregson shares on the December 31, 2020 statement of financial position under each of these methods in Fair Value Method and Equity Method? Fair Value Method Equity Method Investment Where is the investment reported on statement of financial position? The Investment accounts under both Fair Value Method and Equity Method are likely to be included in What amount is reported on Bramble's statement of comprehensive income in 2020 under each of these methods, and where are the amounts reported? Bramble Inc. Statement of Comprehensive Income Fair Value Method Equity Method Other comprehensive income: Effect on comprehensive income for 2020