Fire Marketing Ltd Fire is a profitable mediumsized Mtisowned private company that provides marketing services and is registered with the Canadian Council for Indigenous Business CCIB In 2024 Fires board of directors approved a growth strategy that involves acquiring smaller marketing companies with the goal of becoming Canadas largest Indigenousowned marketing firm Fires first acquisition took place on December 31 2024 with the acquisition of 100 of the shares of a marketing company called Wolf Creative Inc WCI for 650000 It is now January 20 2025 and Fire is preparing for its December 31 yearend audit You have been hired to provide advice on a number of issues as part of the audit preparation Fires bookkeeper Jessica outlined below the areas where she would like your assistance For the issues identified Jessica has asked that you draft any journal entries that are necessary Your firm is not Fires auditor Fire reports its financial statements in accordance with accounting standards for private enterprises ASPE