Fairbanks corporation purchased 300 shares of sherman inc., Ask an Expert

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Fairbanks Corporation purchased 300 shares of Sherman Inc. common stock as an investment in trading securities for $9,900. During the year, Sherman paid a cash dividend of $3.05 per share. At year-end, Sherman stock was selling for $34.80 per share. Prepare Fairbanks's journal entries to record:

(a) the purchase of the investment,

(b) the dividends received, and

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M966274

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