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solve D only, Thanks Fhounder Inc acquired 10Xi of the outstanding comenon shares of Gresson inc on Deceriber 31, 2022. The purchand orice wan 5862.600
solve D only, Thanks
Fhounder Inc acquired 10Xi of the outstanding comenon shares of Gresson inc on Deceriber 31, 2022. The purchand orice wan 5862.600 for 45,400 shares and is equal to 10\%s of Gresson's carrying amount. Gregson declared and paid a 50.75 per sharecenh dwidend on June 15 and again on December 15, 2023. Gregson reported net income af 5521,000 for 2023, The fair wilue of Greswn: shares was $20 per share at December 31,2023 . Flounder is a public company and applies IFRS. (a) Prepare the journal entries for Flounder for 2022 and 2023 , assuming that Flounder cannot exercise significant influence onut Gregson. The investment is accounted for using the FV OC model. (Credit account eites are outomatically indented when the amount is entered. Do not indent manually. If no entry Is nequired, select "No Entry" for the account titles and enter of for the areounts. Recend entries in the crder displayed in the probiem statement. List oll debit entries before credit entriec) Frepore the journal entries for Flounder for 2022 and 2023 , assuming that Flounder cannot eaerche sigo ficant in luence ever Gregsan. The investinent is accounted for usies the FV-OCI modet (Credit account bitier are automotically indented when the amaut A enternd. Do not indent manualy If no entry is requlred, select "No Entry" for the occount titler ond enter of for the amounts Recond entries in the order disployed in the problem statement. List ail debit entries before credit entries) Gregson. (Credit account titles are outometically lndented when the amcunt \& entered. Do not indent manually. If no entry is required, solect "No Entry" for the occount titles and enter 0 for the amounts. Record entries in the onder dlsplayed in the problem statement Uist ail debit entries before credit entriesJ What amount is reported for the investment in Gregson shares on the December 31,2023 statement of financial powition under each of these methods in Fair Value Method and Equity Method? the amcanti feportedi Step by Step Solution
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