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0 |0 0WileyPLUS: MyWileyPLUS | Help | Contact Us | Log OutKieso, Intermediate Accounting, 1le, Volume 1Intermediate Financial Accounting I (ADMS 3585)AssignmentGradebookORIONDownloadable eTextbookentFULL SCREENPRINTER VERSIONBACKNEXTExercise 9-19Bramble Corp., a December 31 year-end company that applies IFRS, acquired an investment of 900 shares of Credence Corp. in mid-2013 for $28,050. Between significant volatility in the marketsand in the business prospects of Credence Corp., the accounting for this investment presented a challenge to Bramble. Toward the end of 2017, Credence discontinued the small annual dividend of$0.50 per share that it had been paying and announced that a major patent responsible for 50% of its income had lost most of its value due to a technological improvement by a competitor.Situation 1: Credence Corp is a publicly traded company on the Toronto Stock Exchange, and Bramble has opted to account for its investment at FV-NI. By the end of 2016, the price of Credenceshares had fallen to $26.50 per share from $29 the previous year, and by the end of 2017 they were trading at $11.10.Situation 2: Credence Corp. is a private enterprise owned by a group of 20 investors and is a supplier of materials to Bramble. Bramble purchased the shares to cement the relationship between thetwo companies and has opted to account for its investment at FV-OCI. In late 2016, Bramble was beginning to worry about its investment and determined that its value had probably fallenmarginally to an estimated fair value of approximately $24,000 from $25,000 the previous year. In 2017, Bramble was more concerned and, at year end, carried out a thorough analysis of thepresent value of the likely cash flows to be derived from this investment and estimated an amount of $11,700.Bramble Corp. adjusts the carrying amount of its investments directly when recognizing an impairment loss, and each type of investment income is accounted for and reported separately.For each situation, identify the impairment model that Bramble should apply, assuming it applies IFRS 9.Situation 1 Bramble should apply theSituation 2 Bramble should apply theSHOW LIST OF ACCOUNTSLINK TO TEXTAssuming Bramble applies IFRS 9, prepare the appropriate journal entries at December 31, 2016, and December 31, 2017, under situation 1. ( Credit account titles are automatically indentedwhen 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.)Version 4.24.12.Policy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.AT17-..