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TU J ITU points) On January 1, 2020, FF Company acquired 60,000 shares of QQ Limited at $5 per share. representing 1% of QQ's outstanding
TU J ITU points) On January 1, 2020, FF Company acquired 60,000 shares of QQ Limited at $5 per share. representing 1% of QQ's outstanding voting shares. On July 31, 2020, QQ declared and paid a dividend of $1 per share. QQ's net income for 2020 was $2,800,000. On December 31, 2020, the shares of QQ were trading on the Toronto Stock Exchange at $16 per share. On January 15, 2021 all of the shares were sold for $18 per share. Required: Provide the journal entries on FF's books relating to its investment in QQ for 2020 and 2021, assuming that FF classifies QQ as Fair ValueOCI (FVOCI). D oo - Paragraph BI U
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