Current Attempt in Progress

Coronado Inc., which follows IFRS, had the following events during the year ended December $31,2023.$ Coronado has an income tax rate of $30\%.$

Coronado has investments that are recorded at fair value through other comprehensive income $($FV$-$OCI$).$ At December $31,2022,$ an error was made in the calculation of the fair values of these investments. The amount of the error was an overstatement of the fair value by $$131,000.$

During November $2023,$ a competitor company filed a patent infringement suit against Coronado, claiming damages of $$651,000.$ The company's legal counsel has indicated that an unfavourable verdict is probable and a reasonable estimate of the court's award to the competitor is $$374,000.$ Coronado has not reflected or disclosed this situation in the financial statements.

Vacation Wages Payable on Dectember $31$ have been consistently omitted from the records at year end and have been entered instead as expenses when paid in the following year. The amounts that were recorded in this way were as follows:

Dec. $31,2020$$$17,400$

Dec. $31,2021,21,600$

Dec. $31,2022,17,500$

Prepare any necessary journal entries for the year ended December $31,2023.($Credit account titles are automatically indented when the