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Provide all the relevant journal entries for lilly ltd

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Reference no: EM132787597

Lilly Ltd. has the following transactions in purchasing and selling the ordinary shares of Daisy Company:

  1. On March 15, Lilly purchased 1,000 shares of Daisy Company for $10 per share.
  2. On April 29, the fair value of Daisy Company's shares is $8 per share.
  3. On May 10, Lilly sold 500 shares of Daisy Company for $15 per share.

Problem1 : Assuming that Lilly Ltd. classifies Daisy Company's shares as fair value through profit and loss (FVTPL), provide all the relevant journal entries for Lilly Ltd. regarding its investment in Daisy Company's shares.

Reference no: EM132787597

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