Prepare the compound entry required on this date

Assignment Help Financial Accounting

Reference no: EM132796367

Question - The Asuka Sueda Corporation provided you with the following information about its investment in "Something" of Heejin Lee Limited purchased May 2020, and accounted for using the FV-OCI method Cost $147,500

Fair value, December 31, 2020 $154,500

Fair value, December 31, 2021 $119,000

Fair value, December 31, 2022 $134,500

Required -

1. Prepare all the required entries needed on December 31, 2020, 2021, and 2022.

2. Assume the Asuka Sueda Corporation sold its investment in "Something" of Heejin Lee Limited on February 13, 2023, for $140,500, and that "Something" were "Investment in Bonds FV-OCI. Prepare the compound entry required on this date. The Investment were in Bonds FV-OCI.

3. Assume the Asuka Sueda Corporation sold its investment in "Something" of Heejin Lee Limited on February 13, 2023, for $140,500, and that "Something" were "Investment in Common Shares FV-OCI. Prepare the compound entry required on this date. The Investment were in Common Shares FV-OCI.

Reference no: EM132796367

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