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On January 1,2023, Pace Corporation purchased 15,000 of the 100,000 outstanding shares of Slow Corporation...

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Accounting

On January 1,2023, Pace Corporation purchased 15,000 of the 100,000 outstanding shares of Slow Corporation for $498,000. From Pace's perspective, Slow was a fair value through profit or loss (FVTPL) investment. The fair value of Pace's investment was $520,000 at December 31,2023.
On January 1,2024, Pace purchased an additional 30 per cent of Slow's shares for $1,040,000. The second share purchase allows Pace to exert significant influence over Slow.
During the two years Slow reported the following results:
Net Income Dividends Declared and Paid
2023 $400,000 $240,000
2024 $540,000 $250,000
Required:
With respect to this investment, prepare Pace's journal entries for both 2023 and 2024.

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