Record entries in the order displayed in problem statement

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Problem

Swifty Inc. acquired 25% of the outstanding common shares of Gregson Inc. on December 31, 2022. The purchase price was $928,000 for 46,400 shares and is equal to 25% of Gregson's carrying amount. Gregson declared and paid a $0.85 per share cash dividend on June 15 and again on December 15, 2023. Gregson reported net income of $543,000 for 2023. The fair value of Gregson's shares was $22 per share at December 31, 2023. Swifty is a public company and applies IFRS. Prepare the journal entries for Swifty for 2022 and 2023, assuming that Swifty cannot exercise significant influence over Gregson. The investment is accounted for using the FV-OCI model. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Get the instant assignment help. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.

Reference no: EM133921038

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