Use the information from BE9.24, except assume that Julip Corporation is a private enterprise that applies ASPE. Prepare Julip’s 2023 entries to record all transactions and events related to its significant influence investment in Krov Corporation, assuming that 

(a) Krov’s shares are traded in an active market, Julip applies the FV-NI approach, and the fair value of Julip’s share of Krov at December 31, 2023, is $1,020

(b) Julip applies the cost method to account for its investment in Krov (the shares are not traded in an active market).

Data from in BE9.24

Julip Corporation purchased a 25% interest in Krov Corporation on January 2, 2023, for $1,000. At that time, the carrying amount of Krov’s net assets was $3,600. Any excess of the cost of the investment over Julip’s share of Krov’s carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Krov declared and paid a dividend of $12 and reported net income of $60 for its year ended December 31, 2023.