Metlock Inc., which follows IFRS, had the following events during the year ended December 31, 2023. Metlock has an income tax rate of 30%. 1. Metlock 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 $112,000. 2. During November 2023, a competitor company filed a patent infringement suit against Metlock, claiming damages of $677,000. 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 $363,000. Metlock has not reflected or disclosed this situation in the financial statements. 3. Vacation Wages Payable on December 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 $14,900 Dec. 31, 2021 23,900 Dec. 31, 2022 18,700.

Prepare any necessary journal entries for the year ended December 31, 2023.