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Notes - Good format - include proper title with dates (3 lines with dates written fully out) - All calculations - must be shown for full marks - All #s must be given in brackets - on ConFS along with totals Question 1 (20 marks) Consider reviewing the textbook Illustration on page 58 and Self-Study Problem 2 on page 73 prior to completing this question NN Company purchased 10,000 common shares of SS Inc. on January 1, Year 1 for $200,000. SS Inc. had 80,000 common shares outstanding. The following information relates to SS Inc.: On January 1, Year 3, NN sold Investment in SS Inc. shares for $21 per share. NN has a December 31 year end. Required (show all calculations for full marks) i) Prepare the journal entries for Years 1 and 2 and on January 1, Year 3 assuming the following independent scenarios: a) Investor plans to sell the shares in the short term for profit b) Investor elects to use FVTOCI (include closing JE on January 1, Year 3) c) Investor has significant influence ii) How much is the change in Retained Earnings from January 1 , Year 1 to January 1, Year 3 for each scenario? Show all #s for each year to support your total change. Notes - Good format - include proper title with dates (3 lines with dates written fully out) - All calculations - must be shown for full marks - All #s must be given in brackets - on ConFS along with totals Question 1 (20 marks) Consider reviewing the textbook Illustration on page 58 and Self-Study Problem 2 on page 73 prior to completing this question NN Company purchased 10,000 common shares of SS Inc. on January 1, Year 1 for $200,000. SS Inc. had 80,000 common shares outstanding. The following information relates to SS Inc.: On January 1, Year 3, NN sold Investment in SS Inc. shares for $21 per share. NN has a December 31 year end. Required (show all calculations for full marks) i) Prepare the journal entries for Years 1 and 2 and on January 1, Year 3 assuming the following independent scenarios: a) Investor plans to sell the shares in the short term for profit b) Investor elects to use FVTOCI (include closing JE on January 1, Year 3) c) Investor has significant influence ii) How much is the change in Retained Earnings from January 1 , Year 1 to January 1, Year 3 for each scenario? Show all #s for each year to support your total change