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ACME Incorporated purchased 25,000 shares representing a 25% interest in Zym Mining on January 2,2023...

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Accounting

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ACME Incorporated purchased 25,000 shares representing a 25% interest in Zym Mining on January 2,2023 , for $150,000. At that time, the carrying amount of Zym's net assets was $138,600. The excess of the cost of the investment over ACME's share of Zym's carrying amount is due to unrecorded intangibles with an unlimited life. Zym declared and paid a dividend of $1 per share and reported net income of $80,000 for its year ended December 31,2023 . ACME is a public company that applies IFRS. Prepare all journal entries related to ACME's investment in its associate for 2020 under IFRS. Round final answers to the nearest dollar, ignore tax impacts, and show calculations below each journal entry. Required: (a) Prepare all journal entries related to ACME's investment in its associate for 2020 under IFRS. Round final answers to the nearest dollar, ignore tax impacts, and show calculations below each journal entry. (6 marks) (b) What options would be available to account for this investment if ACME was a private company that applied ASPE

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