Cullumber Corporation purchased 400 shares of Sherman Inc. common stock for $14,100 (Cullumber does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. Assume the stock is nonmarketable.
Prepare Cullumber’s journal entries to record
(a) the purchase of the investment,
(b) the dividends received, and
(c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)
Answers: 2
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Cullumber Corporation purchased 400 shares of Sherman Inc. common stock for $14,100 (Cullumber does...
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