Question: Using the data in E13-3, assume that MetroMedia management designated Mitek's shares as an investment in SAS instead of investments at FVTPL. Prepare any journal

Using the data in E13-3, assume that MetroMedia management designated Mitek's shares as an investment in SAS instead of investments at FVTPL. Prepare any journal entries that are required by the facts presented in the case.

E13-3

On June 30, 2017, MetroMedia Inc. purchased 10,000 of Mitek's common shares for $20 per share. Management purchased the shares for speculative pm-poses and designated them as investments at FVPTL. The following information pertains to Mitek's price per share: Date Price 31/12/2017 31/12/2018 $24 31 31/12/2019 25

MetroMedia sold its investment in Mitek's shares on February 14, 2020, at a price of $22 per share. Prepare any journal entries that are required by the facts presented in this case.

Date Price 31/12/2017 31/12/2018 $24 31 31/12/2019 25

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