Refer to P 2A-3 . All facts pertaining to the period until December 31, 20X4, remain the same as in P 2A-3 . Now assume that on January 2, 20X5, another investor, newly in control of Jasmine, stopped Rose from exercising further influence over Jasmine. Consequently, Rose re-classified its investment in Jasmine as an FVTOCI investment. Rose€™s investment in Jasmine had a fair value of $160,000 on March 1, 20X5. Jasmine€™s net income for 20X5 was $60,000, and it declared and paid $40,000 as dividends that year. Rose€™s investment in Jasmine had a fair value of $170,000 on December 31, 20X5, the year-end. Show the journal entries Rose has to make in relation to its investment in Jasmine for 20X5.

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Fair value of investment in Jasmine at year-end Dividends Year Net Income $30,000 40,000 $40,000 $180,000 160,000 20X3 20X4 30,000