Prepare the journal entry needed to record the partial sale of the investment acquired in BE16-9. Assume that Turner sold 12,800 of the Fenwick shares for $47 per share in 2021 and the fair value of the remaining shares is $41 per share on December 31, 2021. Prepare the journal entry on December 31, 2021.

Data from Exercises 9

Using the information provided in BE16-7, prepare the entries assuming that Turner Tires, Inc. is an IFRS reporter. Turner plans to trade the securities. Prepare the journal entries required on the date of acquisition and at the end of the year.

Data from Exercises 7

Turner Tires, Inc. acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2020. This investment does not allow Turner to participate in the decision making of Fenwick, and the company therefore does not have the ability to exert significant influence over the investee company. The market value of the shares at December 31, 2020, is $41 per share. Prepare the journal entries required on the date of acquisition and at the end of the year.