Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. panthers corp. purchased 8,000 shares of canes cor

Panthers Corp. purchased 8,000 shares of Canes Corp. for $100 per share on August 1,...

90.2K

Verified Solution

Question

Accounting

Panthers Corp. purchased 8,000 shares of Canes Corp. for $100 per share on August 1, 2019. As per IFRS 9, Panthers chose to classify this new investment as FVOCI at the time of the purchase. On November 1, 2019 Canes paid a dividend of $2 per share. At balance sheet date the market price of Canes was $90 per share. On March 1, 2020 Panthers sold all 8,000 shares for $105 per share.

Required

Prepare the journal entries required under IFRS as well as those that would be required under GAAP.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Two cars start moving from the same point. One travels south at 56 mi/h and the...

General Management
1.2K views

What are some lean applications you can use in a medical facility? Explain…

Biology
1.2K views

O Used to study the expression of interacting groups of genes Used to detect the...

Geometry
1.2K views

What is the volume of the cone below 22 6 OA 792 units OB 132...

Calculus
1.2K views

0 16 0 15 answered uestion 1 f f x x f g x AKAR...

Calculus
1.2K views

Find the x-values (if any) at which the function f(x)=discontinuitiesare removable?x-Sx-2x-15is not continuous. Which of...

Accounting
1.2K views

Help Seve Present and future value tables of...

Accounting
1.2K views

PLEASE ANSWER ALL OF THE FOLLOWING QUESTIONS WHICH INCLUDES PROBLEM-SOLVING PERSPECTIVE AND APPLICATION OF CHAPTER...

Accounting
1.2K views

Why the congress enacts the provision in the tax law that taxes unearned income (...

Accounting
1.2K views

Compare processes A and B using Equivalent Uniform Annual Cost (EUAC), assuming an interest rate...

Accounting
1.2K views

Required information Skip to question [The following information applies to the questions displayed...

Accounting
1.2K views

Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales,...