(Answered) Question - shamrock corporation purchased 370 shares of

Accounting

Question - Shamrock Corporation purchased 370 shares of Sherman Inc. common stock for $13,100 (Shamrock does not have significant influence). During the year, Sherman paid a cash dividend of $3.00 per share. Assume the stock is nonmarketable.

Prepare Shamrock's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.

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