In 20X1, FYY Ltd. purchased 1,300 shares of Humor Inc. for $26,000 plus $1,300 in commission....

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In 20X1, FYY Ltd. purchased 1,300 shares of Humor Inc. for $26,000 plus $1,300 in commission. The shares had a fair value of $37,400 at the end of 20X1, $44,200 at the end of 20X2, and $59,600 at the end of 20X3. In 20X4, the shares were sold for $49,900 less $1,300 in commission. In each of 20X1, 20X2, and 20X3, dividends of $3,120 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming FYY reports using ASPE and the cost method. View transaction list Journal entry worksheet Record the sale of investment. Note: Enter debits before credits. 5 Transaction General Journal 20X4 Cash Investment in FVTOCI securities: Humor Ltd OCI: Holding gain Debit Credit 52,300 51,220 10,080 b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Investment in equity securities: Humor Ltd Record entry Clear entry View general loumal b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transfer to retained earnings. View transaction list Journal entry worksheet 3 4 5 6 7 8 Record the holding gain/loss on investment for 20X1. Note: Enter debits before credits. Transaction 20X1 6 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet < 5 6 7 8 9 Record the Investment revenue for 20X2. Note: Enter debits before credits. Transaction: 20x2 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list 6 7 8 9 Journal entry worksheet < 3 Record the holding gain/loss on investment 20x2. Note: Enter debits before credits. Transaction 20x2 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet 3 5 7 8 Record the Investment revenue for 20X3. Note: Enter debits before credits. Transaction 20X3 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet < 1 2 3 4 5 6 8 9 Record the holding gain/loss on investment for 20X3. Note: Enter debits before credits. Transaction 20X3 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet < 3 4 5 6 7 9 Record the sale of investment. Note: Enter debits before credits. Transaction 20X4 General Journal Debit Credit Record entry Clear entry View general Journal b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet > 3 4 5 6 8 D Record the transfer of holding gain/loss balance to retained earnings. Note: Enter debits before credits. Transaction 20X4 General Journal Debit Credit it No journal entry required Cash Dividend income Investment in equity securities: Honor Ltd Investment in FVTOCI securities: Humor Ltd hir De Investment revenue: Gain on sale Investment revenue: Loss on sale OCI: Holding gain OCI: Holding loss Retained earnings In 20X1, FYY Ltd. purchased 1,300 shares of Humor Inc. for $26,000 plus $1,300 in commission. The shares had a fair value of $37,400 at the end of 20X1, $44,200 at the end of 20X2, and $59,600 at the end of 20X3. In 20X4, the shares were sold for $49,900 less $1,300 in commission. In each of 20X1, 20X2, and 20X3, dividends of $3,120 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Assuming FYY reports using ASPE and the cost method. View transaction list Journal entry worksheet Record the sale of investment. Note: Enter debits before credits. 5 Transaction General Journal 20X4 Cash Investment in FVTOCI securities: Humor Ltd OCI: Holding gain Debit Credit 52,300 51,220 10,080 b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Record the investment made in Humor Inc. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X1 Investment in equity securities: Humor Ltd Record entry Clear entry View general loumal b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transfer to retained earnings. View transaction list Journal entry worksheet 3 4 5 6 7 8 Record the holding gain/loss on investment for 20X1. Note: Enter debits before credits. Transaction 20X1 6 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet < 5 6 7 8 9 Record the Investment revenue for 20X2. Note: Enter debits before credits. Transaction: 20x2 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list 6 7 8 9 Journal entry worksheet < 3 Record the holding gain/loss on investment 20x2. Note: Enter debits before credits. Transaction 20x2 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet 3 5 7 8 Record the Investment revenue for 20X3. Note: Enter debits before credits. Transaction 20X3 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet < 1 2 3 4 5 6 8 9 Record the holding gain/loss on investment for 20X3. Note: Enter debits before credits. Transaction 20X3 General Journal Debit Credit b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet < 3 4 5 6 7 9 Record the sale of investment. Note: Enter debits before credits. Transaction 20X4 General Journal Debit Credit Record entry Clear entry View general Journal b. Assuming FYY reports using IFRS and the fair value through other comprehensive income method; realized amounts are transferred to retained earnings. View transaction list Journal entry worksheet > 3 4 5 6 8 D Record the transfer of holding gain/loss balance to retained earnings. Note: Enter debits before credits. Transaction 20X4 General Journal Debit Credit it No journal entry required Cash Dividend income Investment in equity securities: Honor Ltd Investment in FVTOCI securities: Humor Ltd hir De Investment revenue: Gain on sale Investment revenue: Loss on sale OCI: Holding gain OCI: Holding loss Retained earnings