11. Bramble Corporation, a Canadian-based international company that follows IFRS, has the following securities in its
Posted: Sat Mar 19, 2022 5:43 pm
11. Bramble Corporation, a Canadian-based
international company that follows IFRS, has the following
securities in its portfolio of investments acquired for trading
purposes and accounted for using the FV-NI method on December 31,
2019:
In 2020, Bramble completed the following securities
transactions:
Bramble Corporation’s portfolio of trading securities appeared
as follows on December 31, 2020:
Assume that the company does not recognize and report dividends and
other components of investment gains and losses separately.
A) Prepare the Bramble Corporation general journal
entry to record the adjusting entry for December 31,
2019. (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.)
Account Titles and Explanation
Debit
Credit
B) Prepare the Bramble Corporation general journal
entry to record the sale of the David Jones Inc.
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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
C) Prepare the Bramble Corporation general journal
entry to record the purchase of the Oberto Ltd.
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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
D) Prepare the Bramble Corporation general
journal entry to record the adjusting entry for December 31,
2020. (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.)
Account Titles and Explanation
Debit
Credit
international company that follows IFRS, has the following
securities in its portfolio of investments acquired for trading
purposes and accounted for using the FV-NI method on December 31,
2019:
In 2020, Bramble completed the following securities
transactions:
Bramble Corporation’s portfolio of trading securities appeared
as follows on December 31, 2020:
Assume that the company does not recognize and report dividends and
other components of investment gains and losses separately.
A) Prepare the Bramble Corporation general journal
entry to record the adjusting entry for December 31,
2019. (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.)
Account Titles and Explanation
Debit
Credit
B) Prepare the Bramble Corporation general journal
entry to record the sale of the David Jones Inc.
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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
C) Prepare the Bramble Corporation general journal
entry to record the purchase of the Oberto Ltd.
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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
D) Prepare the Bramble Corporation general
journal entry to record the adjusting entry for December 31,
2020. (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.)
Account Titles and Explanation
Debit
Credit