11, please answer part b thanks Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio ofinvestments acquired for trading purposes and accounted for using the FV-NI method on December 31, 2022:Investments2,000 shares of David Jones Inc., common5,600 shares of Hearn Corp., common380 shares of Alessandro Inc., preferredMar. 1Apr. 1In 2023, Pina Colada completed the following securities transactions:Investments5,600 shares of Hearn Corp., common800 shares of Oberto Ltd., common380 shares of Alessandro Inc., preferred(a)Carrying Amount(before adjustment)$111,000207,200Sold the 2,000 common shares of David Jones at $47 per share, less fees of $500.Bought 800 common shares of Oberto Ltd. at $71 per share, plus fees of $1,400.Pina Colada's portfolio of trading securities appeared as follows on December 31, 2023:Your Answer Correct Answer (Used)$371,400Account Titles and Explanation53,200Investment Income or LossFV-NI InvestmentsOriginal Cost$207,20056,80053,200Fair Value$317,200$106,000200,60054,700$361,300Fair ValueAssume that the company does not recognize and report dividends and other components of investment gains and losses separately.$200,60054,50050,100Prepare Pina Colada general journal entry to record the adjusting entry for December 31, 2022. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts. List debit entry before credit entry.)$305,200Debit10,100Credit10,100 Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit

Name: 11, please answer part b thanks Pina Colada Corporation, a Canadian-ba
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Description: 11, please answer part b thanks Pina Colada Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio ofinvestments acquired for trading purposes and accounted for using the FV-NI method on D

Gain on sale = Sale price - Purchase price

Business

Accounting

Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Prepare Pina Colada general journal entry to record the sale of the David Jones shares. (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 all debit entries before credit entries.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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