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Barclay Investments Ltd., a private company, had the following transactions in the year. ...

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Accounting

Barclay Investments Ltd., a private company, had the following transactions in the year.

Date Transaction
Jan 1st Purchased 4,000 Michael Inc. shares for $15.70 per share.
Sep 30th Sold 700 Michael Inc. shares for $16.80 per share.
Oct 15th Received cash dividends of $1.20 per share for the shareholders of record on September 15th.

On Dec 31st, the shares of Michael Inc. were trading for $15.00 per share.

Required Record all journal entries required for this investment for the year. Assume the company accounts for this investment using the fair value through profit/loss method and has adopted IFRS (elected to combine income).

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