Question 4 Spiced Cider Ltd. (Cider) purchases a 25% interest in Green Apple Corporation (Apple)...
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Question 4 Spiced Cider Ltd. (Cider) purchases a 25% interest in Green Apple Corporation (Apple) on January 1, 2021 for $12,000. At the time of the purchase the carrying amount of Apple's net assets was $44,280. Any excess of the cost of the investment over Cider's share of Apple's carrying amount can be attributed to intangible assets with a useful life of 20 years that are not recorded on the statement of financial position. Apple declared and paid a dividend of $2,040 in December 2021 and reported net income of $17,800 for its year ended December 31, 2021. Assume that Cider is a publicly accountable enterprise that applies IFRS. Required (14 marks): Prepare Cider's 2021 journal entries to record all transactions and events related to the investment in its associate
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