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Cullumber Technologies Inc. held a portfolio of shares and bonds that it accounted for using the fair value through other

comprehensive income model at December $31,2023.$ This was the first year that Cullumber had purchased investments. In part due to

Cullumber's inexperience, by December $31,2023,$ the market value of the portfolio had dropped $$29,400$ below its original cost.

Cullumber recorded the necessary adjustments at December $31,2023,$ and was determined to hold the securities until the unrealized

Ioss from $2023$ could be recovered. By December $31,2024,$ Cullumber's goal of recovery had been realized and the original portfolio

of shares and bonds had a fair market value $$7,300$ higher than the original purchase costs. Cullumber's income tax rate is $30\%$ for all

years. Assume that any gains that will ultimately be realized on the sale of the shares and bonds are taxable as ordinary income when

they are realized. Cullumber applies IFRS.Current Attempt in Progress

Cullumber Tachnologiss Inc held a portfolio of shares and bonds that it accounted for using the fair value through other

comorahansive income model at December $31,2023.$ This was the first yaar that Cullumber had purchased imestments. In part dua

to Cullumber's inecperiance, by Decembar $31,2023,$ the markat value of the portfolio had droppad $$29,400$ belaw its original cost

Cullumber recorded the necsesary adjustments at December $31,2023,$ and was determinad to hold the securitics until the unrea laed

lass from $2023$ could be racoverad. By December $31,2024,$ Cullumbar's goal of racovary had been raalizad and the original portfolio

of shares and bonds had a fair markst value $$7,300$ hisher than the original purchase costs. Cullumber's income tax rate is $30\%$ for all

years. Assume that ary zains that will ultimatsly be raslizad on the sale of the shares and bonds are taxable as ordinary income when

they are realizad Cullumber appliss IFRS.

$($a$)$

Prapare the journal entriss at December $31,2023,$ to accrue the unrealized loss on Cullumber's securitiss and the ralatad income

tax. $($List all debit entries before credit entries 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 $0$ for the amounts.$)$

$($b$)$

The parts of this question must be complatad in order. This part will be available when you complate the part above.

$($c$)$

The parts of this question must be complated in order. This part will be availabla when you complate the part above.

$($d$)$

The parts of this question must be complatad in order. This part will be available when you complate the part above.

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