on january 1 2012 balanger acquired a 30 interest in one of its suppliers chime at a cost of 13650 the directors of balanger believe t

4. Dividend revenue is recognized when declared by directors.
5. The equity of Chime at December 31, 2013, was:
Share capital …………….. $ 20,000
Cumulative other comprehensive income ….. 30,000
Retained earnings …………… 130,000
$180,000
The cumulative other comprehensive income arose from a revaluation of land made at December 31, 2013.
Required
(a) Assume Bélanger does not prepare consolidated financial statements. Prepare the journal entries in the books of Bélanger for the year ended December 31, 2013, in relation to the investment in Chime.
(b) Assume Bélanger does prepare consolidated financial statements. Calculate the share of profit or loss from Chime on the consolidated comprehensive income statement for the year ending December 31, 2013, and the balance in the Investment account on the consolidated statement of financial position.

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