Ayayai Corporation made the following purchases of investments during 2023, the first year in which Ayayai invested in equity securities: On January 15, it purchased 9,450 shares of Nirmala Corp's common shares at $35.20 per share plus commission of $2,079. On April 1, it purchased 5,250 shares of Oxana Corp's common shares at $55 per share plus commission of $3,539. 3. On September 10, it purchased 7,350 shares of WTA Corp's preferred shares at $27.80 per share plus commission of $3,056. 1. 2. On May 20, 2023, Ayayai sold 3,150 of the Nirmala common shares at a market price of $37 per share less brokerage commissions of $2,993. The year-end fair values per share were as follows: Nirmala $32, Oxana $58, and WTA $29. The chief accountant of Ayayai tells you that Ayayai holds these investments with the intention of selling them to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model. Ayayai follows IFRS.
Ayayai Corporation made the following purchases of investments during 2023, the first year in which Ayayai invested in equity securities: On January 15, it purchased 9,450 shares of Nirmala Corp's common shares at $35.20 per share plus commission of $2,079. On April 1, it purchased 5,250 shares of Oxana Corp's common shares at $55 per share plus commission of $3,539. 3. On September 10, it purchased 7,350 shares of WTA Corp's preferred shares at $27.80 per share plus commission of $3,056. 1. 2. On May 20, 2023, Ayayai sold 3,150 of the Nirmala common shares at a market price of $37 per share less brokerage commissions of $2,993. The year-end fair values per share were as follows: Nirmala $32, Oxana $58, and WTA $29. The chief accountant of Ayayai tells you that Ayayai holds these investments with the intention of selling them to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model. Ayayai follows IFRS.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ayayai Corporation made the following purchases of investments during 2023, the first year in which Ayayai invested in equity securities:
On January 15, it purchased 9,450 shares of Nirmala Corp.'s common shares at $35.20 per share plus commission of $2,079.
On April 1, it purchased 5,250 shares of Oxana Corp's common shares at $55 per share plus commission of $3,539.
3. On September 10, it purchased 7,350 shares of WTA Corp's preferred shares at $27.80 per share plus commission of $3,056.
1.
2.
On May 20, 2023, Ayayai sold 3,150 of the Nirmala common shares at a market price of $37 per share less brokerage commissions of $2,993. The year-end fair values per share were as follows: Nirmala $32, Oxana $58, and WTA $29. The chief
accountant of Ayayai tells you that Ayayai holds these investments with the intention of selling them to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model.
Ayayai follows IFRS.
Transcribed Image Text:Prepare the journal entries to record the three investments. (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 O for the amounts. Record
entries in the order displayed in the problem statement. List all debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit
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