Current Attempt in Progress

Oriole Group acquired $20\%$ of the outstanding ordinary shares of Cho Ltd$.$ on December $31,2022.$ The purchase price was

$$99,880,000$ for $45,400$ shares. Cho declared and paid an $$80$ per share cash dividend on June $30$ and on December $31,2023.$ Cho

reported net income of $70,800,000$ for $2023.$ The fair value of Cho's shares was $2,400$ per share at December $31,2023.$

$($a$)$

Prepare the journal entries for Oriole for $2022$ and $2023,$ assuming that Oriole cannot exercise significant influence over Cho.

The investments should be classified as trading. $($Credit account titles are automatically indented when amount is entered. Do not

indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credi

$($To record dividend.$)$

$($To record fair value.$)$