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(To adjust to fair value on date of disposition) (To record disposial) Fair Value-Other Comprehensive Income (OCI) without recycling: Culver Ltd. is a Canadian publicly-traded
(To adjust to fair value on date of disposition) (To record disposial) Fair Value-Other Comprehensive Income (OCI) without recycling: Culver Ltd. is a Canadian publicly-traded business with a December 31 fiscal year end. excess cash, Culver purchased 120 common shares of AFS Corporation on luly 1,2023 at a price of $4 per share. Due to the nature of the investment, Culver's management is accounting for the equity investment using the fair-value through other comprehensive income (FV-OCI) without recycling to net income. On August 1, 2023, AFS declared dividends of $1/ share, and paid those dividends on August 20, 2023, On December 31,2023, shares in AFS were trading at \$6 per share. On September 15, 2024, Culver sold the shares in AFS for $7 per share. Prepare the journal entries required to record the above transactions on the books of Culver Ltd. (Credit account titles are outomatically 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (To adjust to fair value on date of disposition) (Torecorddisposib) Fair Value-Other Comprehensive Income (OCl) without recycling: (To reclassify holding gain)
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