Prepare journal entries for $($i$)$ the purchase, $($ii$)$ dividend, $($iii$)$ year$-$end, and $($iv$)$ sale of the investment under $($a$)$ IFRS and $($b$)$ U$.$S$.$ GAAP.

Ontario Trust Corporation $($OTC$)$ purchased $5,000$ shares of Lilly Company for $$25$ per share on November $1,$ Year $1.$ As allowed under IFRS $9,$ OTC chose to classify its investment in Lilly's equity as FVOCI at the time of purchase. Lilly paid a dividend of $$1\mathrm{.}10$ per share on December $1.$ The year$-$end market price of Lilly's stock was $$28.$ OTC subsequently sold all $5,000$ shares for $$27.$

$\backslash$table$[[$IFRS$,$U$.$S$.$ GAAP,$],[$Account$,$Dr$.,$Cr$.,$Account,Dr$.,$Cr$.],[,,,,,],[,,,,,],[,,,,,],[,,,,,],[,,,,,],[,,,,,]]$Prepare journal entries for $($i$)$ the purchase, $($ii$)$ dividend, $($iii$)$ year$-$end, and $($iv$)$ sale of the investment under $($a$)$ IFRS and $($b$)$ U$.$S$.$ GAAP.

Ontario Trust Corporation $($OTC$)$ purchased $5,000$ shares of Lilly Company for $$25$ per share on November $1,$ Year $1.$ As allowed under IFRS $9,$ OTC chose to classify its investment in Lilly's equity as FVOCI at the time of purchase. Lilly paid a dividend of $$1\mathrm{.}10$ per share on December $1.$ The year$-$end market price of Lilly's stock was $$28.$ OTC subsequently sold all $5,000$ shares for $$27.$

$\backslash$table$[[$IFRS$,$U$.$S$.$ GAAP,$],[$Account$,$Dr$.,$Cr$.,$Account,Dr$.,$Cr$.],[,,,,,],[,,,,,],[,,,,,],[,,,,,],[,,,,,],[,,,,,]]$