(SOLVED) At December 31 2017 the equity investments of

Wang Inc
At December 31 2017 the equity investments of Wang Inc

At December 31, 2017, the equity investments of Wang Inc. that were accounted for using the
FV-OCI model without
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At December 31 2017 the equity investments of Wang Inc

At December 31, 2017, the equity investments of Wang Inc. that were accounted for using the
FV-OCI model without recycling (application of IFRS 9) were as follows:

Because of a change in relationship with Ahn Inc., Wang Inc. sold its investment in Ahn for
$153,300 on January 20, 2018. No other investments were acquired or sold during 2018;
however, a dividend of $1,300 was received from Burnham Corp. in June. At December 31,
2018, the fair values of Burnham and Chi shares were $153,750 and $72,600, respectively.

Instructions

(a) Prepare the entry to adjust the portfolio of investments to fair value at December 31, 2017.

(b) Prepare the presentation of all investment-related accounts on the statement of financial
position at December 31, 2017.

(c) Indicate what accounts and amounts would be reported on the statement of comprehensive
income for the year ended December 31, 2017, and where each would be reported.

(d) Prepare the journal entries for the 2018 sale of the investment in Ahn Inc. and for the
dividend received from Burnham Corp.

(e) Prepare the journal entry required at December 31, 2018, to adjust the investments to fair
value.

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 At December 31 2017 the equity investments of Wang Inc
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