no.1 Coffee (pty) Limited purchased 5% investment in equity of Tastplus Limited for $100 000...
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Accounting
no.1 Coffee (pty) Limited purchased 5% investment in equity of Tastplus Limited for $100 000 on 1 January 2021. Transaction costs amounted to $1000 on 1 January 2021. The fair value of the 5% investment at 31 December was $120,000
You are required to give journal entries that the no.1 Coffee (Pty) Limited is required to process in respect of the purchased instrument for the year ended 31 December 2021 assuming it's measured at fairly value through (a) Profit/ loss and (b) other comprehensive income
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