The table below indicates the carrying amounts (and cost), and fair values of Quintox's FV-OCI investments as of their fiscal year end, November 30, 2017. 

Investments         Carrying Amount     Fair Value 

Claricom Inc.            $130,000             $110,000 

Michelion Inc.             220,400              201,500 

Avacom Inc.                190,000             196,000 

Ryinex Inc.                  217,300             206,300 

                                    $757,700           $713,800 

Required: 

Prepare the journal entry at November 30, 2017 that Quintox would make to record for these investments. 

iii) On December 28, 2017 Quintox sells all of its Avacom Inc.'s common shares receiving cash proceeds of $204,750. 

Required: 

Prepare the three journal entries Quintox would record at December 28, 2017. (Leave an empty line between each journal entry).

Answer rating: 100% (QA)

Step 1 Investment at FVOCI requires investment to be carried at fair value Under this appro... View the full answer