Using the information provided in BE16-7, prepare the entries assuming that Turner Tires. Inc., is an IFRS reporter and elects to report these securities at fair value through other comprehensive income. Turner is not holding the investment for trading, nor is it part of contingent consideration in a business combination. Prepare the journal entries required on the date of acquisition and at the end of the year.

Data from BE16-7

Turner Tires. lnc., acquired 40,000 shares of Fenwick Corporation stock at a price of $35 per share during 2016. This investment docs not allow Turner to participate in the decision making of Fenwick, and the company therefore docs not have the ability to exert significant influence over the investee company. The market value of the shares at December 31, 2016, is $41 per share.