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Tathagata Enterprises Ltd. had the following transactions: 2020 Jan. 15 Feb. 28 Tathagata acquired 350 shares of Ohm Ltd., a public company trading on the
Tathagata Enterprises Ltd. had the following transactions: 2020 Jan. 15 Feb. 28 Tathagata acquired 350 shares of Ohm Ltd., a public company trading on the TSX, at a cost of $50 per share plus fees of $2,500. Ohm Ltd. declared and paid dividends of $0.40 per share. Tathagata prepared its financial statements for the first quarter. The Ohm shares were trading at $45 per share at this date. Tathagata sold all of its Ohm shares at $76 per share, less fees of 1% of the trade value. Mar. 31 Apr. 15 Required: a. Prepare all necessary journal entries related to the above transactions assuming that the shares were held for trading and classified as fair value through net income. b. Prepare all necessary journal entries related to the above transactions assuming that the investment was classified as fair value through other comprehensive income
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