Question: Repeat E16-10 assuming that Tekky is an IFRS reporter, Tekky accounts for the investment at a fair value through other comprehensive income investment because the

Repeat E16-10 assuming that Tekky is an IFRS reporter, Tekky accounts for the investment at a fair value through other comprehensive income investment because the corporation does not intend to trade it nor is holding it as contingent consideration. Prepare the journal entries to record the purchase and sale of the investment assuming that Tekky is an lFRS reporter.

Data from E16-10

Tekky Corporation purchased an equity investment in Hui Zu. Ltd, on December 15 for $100,000. Tekky accounts for the equity investment by using market comparable. Hui Zu, Ltd's equity is not actively traded, and it does not have a readily determinable fair value, bur fair value is estimated at $105,000 on December 31. Tekky does not have significant influence over the investee. The investment is sold on June 22 of the next year for $114,000. What are the necessary journal entries?

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