Help me Prepare the journal entry for the sale of the 3,870 Nirmala shares on May 20. (Credit account titles are automatically indented whenthe 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.)Date Account Titles and ExplanationMay 20Date Account Titles and ExplanationPrepare the journal entries to record the three investments. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Jan. 15Apr. 1Sep. 10FV-NI InvestmentsCommission ExpenseCashFV-NI InvestmentsCommission ExpenseCashFV-NI InvestmentsCommission ExpenseDebitCashDebit50155225534321504347311535Credit3754Credit504105436497315289 Swifty Corporation made the following purchases of investments during 2020, the first year in which Swifty invested in equitysecurities:1.2.3.On January 15, purchased 11,610 shares of Nirmala Corp.'s common shares at $43.20 per share plus commission of $2,553.On April 1, purchased 6,450 shares of Oxana Corp.'s common shares at $67 per share plus commission of $4,347.On September 10, purchased 9,030 shares of WTA Corp's preferred shares at $34.50 per share plus commission of $3,754.On May 20, 2020, Swifty sold 3,870 of the Nirmala common shares at a market price of $45 per share less brokerage commissions of$3,677. The year-end fair values per share were as follows: Nirmala $39, Oxana $71, and WTA $36. The chief accountant of Swiftytells you that Swifty Corporation holds these investments with the intention of selling them in order to earn short-term profits fromappreciation in their prices and accounts for them using the FV-NI model.Assume that Swifty Corporation follows IFRS 9.

It has been given in the question that Swifty Corporation uses the fair value through net income…

Prepare the journal entry for the sale of the 3,870 Nirmala shares on May 20. (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.) Date Account Titles and Explanation May 20 Debit Credit 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.)

Prepare the journal entry for the sale of the 3,870 Nirmala shares on May 20. (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.) Date Account Titles and Explanation May 20 Debit Credit 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.)

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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