Question

Following is a list of investments owned by Novak Ltd., as of the companys year-end, December 31, 2020 Investment No. SharesAccounts Available:

  • Accumulated Other Comprehensive Income
  • Allowance for Investment Impairment
  • Bond Investment at Amortized Cost
  • Cash
  • Dividend Receivable
  • Dividend Revenue
  • FV-NI Investments
  • FV-OCI Investments
  • Gain on Sale of Investments
  • GST Receivable
  • Interest Expense
  • Interest Income
  • Interest Payable
  • Interest Receivable
  • Investment in Associate
  • Investment Income or Loss
  • Loss on Discontinued Operations
  • Loss on Impairment
  • Loss on Sale of Investments
  • No Entry
  • Note Investment at Amortized Cost
  • Other Investments
  • Recovery of Loss from Impairment
  • Retained Earnings
  • Unrealized Gain or Loss - OCI
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Answer #1

Journal entries are attached below. Please refer

Thanks..

Journal Entry in books of Novak Ltd Particulars Date Debit Corodent Janis 2022 2590 FV-OCI. Investment Dr. 2590 To Onroalisod

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