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  3. pry corporation (pry) acquired 20,000 of the 100,0

Pry Corporation (Pry) acquired 20,000 of the 100,000 outstanding common shares of Syrt Company (Syrt)...

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Accounting

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Pry Corporation (Pry) acquired 20,000 of the 100,000 outstanding common shares of Syrt Company (Syrt) on January 1, 2022, for cash consideration of $200,000. During 2022. Syrt had net income of $120,000 and paid cividends of $80,000. At the end of 2022 , shares of Syrt were trading for $11 each. Pry has a December 31 year end for all years. During 2023. Syrt had a net loss of $60,000 and paid dividends of $40,000. Net income for the first half of the year was $80,000 and the net loss in the second half of the year was $140,000. The dividends were paid on June 30 . On July 2, 2023, Pry sold 5,000 shares of Syrt for a consideration of $12 per share. At the end of 2023 , the share price of Syrt had fallen to $6 per share. The average of market analysts' forecasts was that the share price could be expected to rise to $8 per share over the next flve years. (Assume that the future recoverable value of the shares is assessed to be $8 per share.) Required: Provide journal enties for Pry for all transactions relating to its investment in Syrt for the year 2023 if it accounts for its investment in Syrt as a fair volue through profit and loss (FVTPL) investment

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