Show Attempt History Current Attempt in Progress On January 3, 2020, Bramble Limited purchased 3,400 (34%) of the common shares of Sonja Corp. for $501.240. The following information is provided about the identifiable assets and liabilities of Sopja at the date of acquisition: Assets not subject to depreciation Assets subject to depreciation (10 years remaining) Total identifiable assets Liabilities Carrying Amount $504,000 824,000 1,328,000 92,000 Fair Value $504,000 934,000 1.438,000 92.000 $179.000 During 2020, Sonja reported the following information on its statement of comprehensive income: Income before discontinued operations Discontinued operations (net of tax) (64,300) Net income and comprehensive income 114,700 Dividends declared and paid by Sonja November 15, 2020 94,000 Assume that the 34% interest is enough to make Sonja an associate of Bramble, and that Bramble is required to apply IFRS for its financial reporting. The fair value of Sonja's shares at December 31, 2020, is $151 per share. Your answer is correct. Prepare the journal entry to record Bramble's purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained payment represents unrecognized goodwill of Sonja.) (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.) Date Account Titles and Explanation Debit Credit Jan. 3, 2020 Investment in Associate Cash 501240 501240 Prepare all necessary journal entries associated with Bramble's investment in Sonja for 2020. Depreciable assets are depreciated on a straight-line basis. (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 Investment in Associate (To record dividends collected) Investment in Associate Loss on Discontinued Operations (To record investment income or loss) (To record amortization of fair value difference) x Your answer is incorrect. Prepare the journal entry if you were informed that Bramble's long-term business prospects had deteriorated and that the most Bramble could expect to recover in the future or to sell its investment in Sonja for at December 31, 2020, is $117 per share. (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 Date Dec. 31, 2020 e Textbook and Media List of Accounts