harry inc a publicly traded company purchased 1000 shares constituting a 40 owner ship interest in sally inc on january 1 20×1 for 150000/
Required
a) Based on the above information, calculate/ show (i) journal entries made by Harry in its books relating to its investment in Sally, and (ii) the balance in its investment in Sally account at year-end, assuming that Harry treats its investment in Sally as a FVTOCI investment.
b) Based on the above information, calculate/ show the (i) journal entries made by Harry in its books relating to its investment in Sally (ii) total income of Harry for the year, and (iii) balance in its investment in Sally account at year- end, assuming that Harry treats its investment in Sally as a significantly influenced investment.