choose from the following accounts:Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashCommission ExpenseDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OC|InvestmentsGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain on Sale of InvestmentsGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments FV-NILoss on Disposal of Investments FV-OCILoss on ImpairmentLoss on Sale of InvestmentsNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCI Concord Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2022. The purchase price was$1,001,000 for 45,500 shares and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.70 per share cashdividend on June 15 and again on December 15, 2023. Gregson reported net income of $540,000 for 2023. The fair value of Gregson'sshares was $23 per share at December 31, 2023. Concord is a public company and applies IFRS.(a)Your answer is correct.Prepare the journal entries for Concord for 2022 and 2023, assuming that Concord cannot exercise significant influence overGregson. The investment is accounted for using the FV-OCI model. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Recordentries in the order displayed in the problem statement. List all debit entries before credit entries.)DateDec. 31, 2022un. 15, 2023Dec. 15, 2023Dec. 31, 2023Account Titles and ExplanationFV-OCI InvestmentsCashCashDividend RevenueCashDividend RevenueFV-OCI InvestmentsUnrealized Gain or Loss - OCI¯¯¯¯¯¯Debit1001000318503185045500Credit1001000318503185045500 Prepare the journal entries for Concord for 2022 and 2023, assuming that Concord can exercise significant influence overGregson. (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. Record entries in the order displayed in the problem statement. List alldebit entries before credit entries.)DateAccount Titles and Explanation(To record collection of dividend)(To record investment income)DebitCredit

Question

choose from the following accounts:Accumulated Other Comprehensive IncomeAllowance for Investment ImpairmentBond Investment at Amortized CostCashCommission ExpenseDividends ReceivableDividend RevenueFV-NI InvestmentsFV-OC|InvestmentsGain on Disposal of Investments - FV-NIGain on Disposal of Investments - FV-OCIGain on Sale of InvestmentsGST ReceivableInterest ExpenseInterest IncomeInterest PayableInterest ReceivableInvestment in AssociateInvestment Income or LossLoss on Discontinued OperationsLoss on Disposal of Investments FV-NILoss on Disposal of Investments FV-OCILoss on ImpairmentLoss on Sale of InvestmentsNo EntryNote Investment at Amortized CostOther InvestmentsRecovery of Loss from ImpairmentRetained EarningsUnrealized Gain or LossUnrealized Gain or Loss - OCI Concord Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2022. The purchase price was$1,001,000 for 45,500 shares and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.70 per share cashdividend on June 15 and again on December 15, 2023. Gregson reported net income of $540,000 for 2023. The fair value of Gregson'sshares was $23 per share at December 31, 2023. Concord is a public company and applies IFRS.(a)Your answer is correct.Prepare the journal entries for Concord for 2022 and 2023, assuming that Concord cannot exercise significant influence overGregson. The investment is accounted for using the FV-OCI model. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select &#34;No Entry&#34; for the account titles and enter O for the amounts. Recordentries in the order displayed in the problem statement. List all debit entries before credit entries.)DateDec. 31, 2022un. 15, 2023Dec. 15, 2023Dec. 31, 2023Account Titles and ExplanationFV-OCI InvestmentsCashCashDividend RevenueCashDividend RevenueFV-OCI InvestmentsUnrealized Gain or Loss - OCI¯¯¯¯¯¯Debit1001000318503185045500Credit1001000318503185045500 Prepare the journal entries for Concord for 2022 and 2023, assuming that Concord can exercise significant influence overGregson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select &#34;No Entry&#34; for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement. List alldebit entries before credit entries.)DateAccount Titles and Explanation(To record collection of dividend)(To record investment income)DebitCredit

Accepted Answer

A journal entry is a form of accounting entry that is used to report a business transaction in a…