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Question 13 of 13 -/1 View Policies Current Attempt in Progress Sunland Ltd. paid...

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Question 13 of 13 -/1 View Policies Current Attempt in Progress Sunland Ltd. paid $270 for the option to buy 1,080 of its common shares for $13 each. The contract stipulates that it may only be settled by exercising the option and buying the shares. Sunland Ltd. follows IFRS. Prepare the journal entry required to account for the purchase of the call option. Assume that contributed surplus exists from previous transactions. (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 for the amounts.) Account Titles and Explanation Debit Credit Assume that the contract allows both parties a choice to settle the option by either exchanging the shares or setting on a net basis. Would this change your conclusion in part (a)? e Textbook and Media List of Accounts

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