Temporary Investments - FV-NI Model
During Your Examination of the Financial

Temporary investments - FV-NI model
During your examination of the financial statements of Venus Corporation for the year ended December 31, 2020, you found a new account called "Investments." Your examination revealed that during 2020, Venus began a program of investments, and all investment-related transactions were entered in this account. Your analysis of this account for 2020 follows:
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ VENUS CORPORATION
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ Analysis of Investments
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ Year Ended December 31, 2020

$\begin{array}{c}\begin{array}{lll} \underline{\text {Date-2020}}\\ \text {(i)}\\\\ \text {Feb. 14}\\ \text {Jul. 26}\\\\ \text {Sep. 28}\\\\\end{array}\begin{array}{lll}\\\\ \underline{\text {Iupiter Ltd. Common Shares}}\\ \text {Purchased 3,000 shares @ \$55 per share........ }\\ \text { Received 300 Jupiter common shares }\\ \text {as a stock dividend. (Memorandum entry) }\\ \text {Sold the 300 Jupiter common shares }\\ \text {received July \( 26 @ \$ 70 \) per share............... } \end{array}\begin{array}{lll} \underline{\text {Debit}}\\\\\\\$ 165,000\\\\\\\\\\ \end{array}\begin{array}{lll} \underline{\text {Credit}}\\\\\\\\\\\\\\\$ 21,000\\ \end{array}\end{array}$

$\begin{array}{c}\begin{array}{lll} \text {(ii)}\\\\\\\\ \text {Apr. 30}\\ \text {Oct. 28} \end{array}\begin{array}{lll}\\\\ \underline{\text {Mars Ltd. Common Shares}}\\\text {Purchased 5,000 shares @ \$40 per share.......}\\\text {Received dividend of \( \$ 1.20 \) per share......} \end{array}\begin{array}{lll}\\ \underline{\text {Debit}}\\\\\$ 200,000\\\\ \end{array}\begin{array}{lll}\\ \underline{\text {Credit}}\\\\\\\$ 6,000\\ \end{array}\end{array}$

Additional information:
1. The market values for each security during 2020 follow:
$$\begin{array} { l r r r r r } \text { Security } & \text { Feb 14 } & \text { Apr 30 } & \text { Jul 26 } & \text { Sep 28 } & \text { Dec 31 } \\\text { Jupiter Ltd. } & \$ 55 & & \$ 62 & \$ 70 & \$ 72 \\\text { Mars Ltd. } & & \$ 40 & & & 32 \\\text { Venus Corp. } & 25 & 28 & 30 & 33 & 35\end{array}$$
2. All of the investments of Venus are nominal in respect to percentage of ownership (five percent or less).
3. Each investment is considered by Venus's management to be temporary.
4. The company has adopted ASPE and intended to use the FV-NI method to account for these investments.
5. Venus follows a policy of separately reporting dividend income.
Instructions
a) Prepare any necessary correcting journal entries related to investments (i) and (ii).
b) Prepare the entry, if necessary, to record the proper valuation of these investments at December 31, 2020.