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On January 3, 2020, Concord Limited purchased 2,400 (24%) of the common shares of Sonja Corp. for $369,520. The following information is provided about the identifiable assets and liabilities of Sonja at the date of acquisition: Carrying Amount Fair Value Assets not subject to depreciation $473,000 $473,000 Assets subject to depreciation (10 years remaining) 817,000 987,000 Total identifiable assets 1,290,000 1,460,000 Liabilities 117,000 117,000 During 2020, Sonja reported the following information on its statement of comprehensive income: Income before discontinued operations $192,000 Discontinued operations (net of tax) (56,800 ) Net income and comprehensive income 135,200 Dividends declared and paid by Sonja November 15, 2020 82,000 Assume that the 24% interest is enough to make Sonja an associate of Concord, and that Concord is required to apply IFRS for its financial reporting. The fair value of Sonjas shares at December 31, 2020, is $145 per share.

Prepare the journal entry to record Concords purchase of the Sonja shares on January 3, 2020. (Hint: Any unexplained payment represents unrecognized goodwill of Sonja.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 3, 2020 enter an account title for the journal entry on January 3 enter a debit amount enter a credit amount enter an account title for the journal entry on January 3 enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT

Prepare all necessary journal entries associated with Concords investment in Sonja for 2020. Depreciable assets are depreciated on a straight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record dividends collected enter a debit amount enter a credit amount enter an account title to record dividends collected enter a debit amount enter a credit amount (To record dividends collected) enter an account title to record investment income or loss enter a debit amount enter a credit amount enter an account title to record investment income or loss enter a debit amount enter a credit amount enter an account title to record investment income or loss enter a debit amount enter a credit amount (To record investment income or loss) enter an account title to record amortization of fair value difference enter a debit amount enter a credit amount enter an account title to record amortization of fair value difference enter a debit amount enter a credit amount (To record amortization of fair value difference) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT

Prepare the journal entry if you were informed that Concords long-term business prospects had deteriorated and that the most Concord could expect to recover in the future or to sell its investment in Sonja for at December 31, 2020, is $113 per share. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount

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