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5 As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 20% of Nursery Supplies Inc.'s 12 million shares for
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As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 20% of Nursery Supplies Inc.'s 12 million shares for $73 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $35 million and distributed cash dividends of $1.25 per share. At the end of the year, the fair value of the shares is $69 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet > 1 2 Record the investment in Nursery Supplies shares. Note: Enter debits before credits Debit General Journal Transactions Credit 1 Record entry Clear entry View general Journal View transaction list Journal entry worksheet es MacBook Pro View transaction list Journal entry worksheet MacBook Pro View transaction list Journal entry worksheet 5 MacBook Pro Step by Step Solution
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