Smart Co. follows IFRS and owns 90% of the common shares of Invest Co. (IC). IC's main asset is an apartment building financed 80% by debt. The debt is held by the bank but guaranteed by the other common shareholder, Ms. Happy, who is responsible for all key operating decisions for the apartment building. The shareholder agreement indicates that Smart and Happy will receive annual dividends equal to 6% of their initial investments and any undistributed profits would be Happy's. Required: Discuss the issue presented above with regards to Smart Co.'s accounting for the investment. Point form may be used if complete thoughts. Smart Co. follows IFRS and owns 90% of the common shares of Invest Co. (IC). IC's main asset is an apartment building financed 80% by debt. The debt is held by the bank but guaranteed by the other common shareholder, Ms. Happy, who is responsible for all key operating decisions for the apartment building. The shareholder agreement indicates that Smart and Happy will receive annual dividends equal to 6% of their initial investments and any undistributed profits would be Happy's. Required: Discuss the issue presented above with regards to Smart Co.'s accounting for the investment. Point form may be used if complete thoughts