During 2020, Sabrina purchased shares of Rai Corporation for a cost of $58,800. The investment is going to be accounted for at fair value through other comprehensive income (FV- OCI). At year-end,...

Extracted text: During 2020, Sabrina purchased shares of Rai Corporation for a cost of $58,800. The investment is going to be accounted for at fair value through other comprehensive income (FV- OCI). At year-end, December 31, 2020, the Rai Corporation shares had a fair value of $30,400. Assume the tax rate is 40%. Assume that any gains that are ultimately realized on the sale of the shares will be taxable as ordinary income when the gains are realized. a) Prepare the necessary journal entries to record the unrealized gain or loss and the related income taxes in 2020. b) Prepare the statement of comprehensive income for Sabrina, beginning with the line for net income of $106,600. Sabrina is reporting under IFRS. c) Sabrina is also curious how the presentation of deferred (or future tax assets) and liability accounts would be different under IFRS vs. ASPE.