On 30 June 20X2, King Ltd. purchased 23,000 shares of Prince Inc. for $62,100 plus...
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On 30 June 20X2, King Ltd. purchased 23,000 shares of Prince Inc. for $62,100 plus $2,300 in commission. In 20X2, the company received a $1,150 of dividends, and the shares had a fair value of $71,300 at the end of the year. In 20X3, there were no dividends and the shares were sold for $85,100 less a $920 commission Required: 1. Prepare journal entries for 20X2 and 20X3: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming King reports under ASPE and has chosen the cost method. View transaction list Journal entry worksheet Record the investment made in Prince Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X2 Record entry Clear entry View general journal b. Assuming King reports under IFRS and classified the investment as fair-value-through-profit-or-loss View transaction list Journal entry worksheet 2 3 4 Record the Purchase of Investment. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X2 Record entry Clear entry View general journal
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