Bramble Limited, a public company that follows IFRS and has a calendar year end, made the following purchases of investments in 2023. Bramble intends to sell these investments to earn short-term profits from appreciation in their prices and accounts for the investments using the FV-NI model. This is the first year in which Bramble invested in equity securities: 1. 2. On March 20, purchased 4,500 shares of Wu Inc. common shares at $27 per share plus commission of $480. On August 15, purchased 3,200 shares of Xi Inc. common shares at $23 per share plus commission of $420. On June 30, Bramble sold 2,700 shares of Wu Inc. at $29 less commission of $600. The December 31, 2023 market value of the Wu shares was $30 and of the Xi shares was $22. (c) (f) Your answer is correct. Prepare the adjusting entry needed at December 31, 2023. (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. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Dec. 31 FV-NI Investments Investment Income or Loss eTextbook and Media List of Accounts 2200 2200 Attempts: 1 of 3 used Repeat part (c) assuming the investments are accounted for using FV-OCI without recycling. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, FV-OCI Investments 2023 Unrealized Gain or Loss - OCI Debit Credit
Bramble Limited, a public company that follows IFRS and has a calendar year end, made the following purchases of investments in 2023. Bramble intends to sell these investments to earn short-term profits from appreciation in their prices and accounts for the investments using the FV-NI model. This is the first year in which Bramble invested in equity securities: 1. 2. On March 20, purchased 4,500 shares of Wu Inc. common shares at $27 per share plus commission of $480. On August 15, purchased 3,200 shares of Xi Inc. common shares at $23 per share plus commission of $420. On June 30, Bramble sold 2,700 shares of Wu Inc. at $29 less commission of $600. The December 31, 2023 market value of the Wu shares was $30 and of the Xi shares was $22. (c) (f) Your answer is correct. Prepare the adjusting entry needed at December 31, 2023. (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. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Dec. 31 FV-NI Investments Investment Income or Loss eTextbook and Media List of Accounts 2200 2200 Attempts: 1 of 3 used Repeat part (c) assuming the investments are accounted for using FV-OCI without recycling. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, FV-OCI Investments 2023 Unrealized Gain or Loss - OCI Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Limited, a public company that follows IFRS and has a calendar year end, made the following purchases of investments in
2023. Bramble intends to sell these investments to earn short-term profits from appreciation in their prices and accounts for the
investments using the FV-NI model. This is the first year in which Bramble invested in equity securities:
1.
2.
On March 20, purchased 4,500 shares of Wu Inc. common shares at $27 per share plus commission of $480.
On August 15, purchased 3,200 shares of Xi Inc. common shares at $23 per share plus commission of $420.
On June 30, Bramble sold 2,700 shares of Wu Inc. at $29 less commission of $600.
The December 31, 2023 market value of the Wu shares was $30 and of the Xi shares was $22.
(f)
(c)
Your answer is correct.
Prepare the adjusting entry needed at December 31, 2023. (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. List debit entry before credit entry.)
Date Account Titles and Explanation
Dec. 31 FV-NI Investments
Debit
2200
Credit
Investment Income or Loss
eTextbook and Media
List of Accounts
2200
Attempts: 1 of 3 used
Repeat part (c) assuming the investments are accounted for using FV-OCI without recycling. (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. List debit entry before credit entry.)
Date
Account Titles and Explanation
Dec. 31,
FV-OCI Investments
2023
Unrealized Gain or Loss - OCI
Debit
Credit
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