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As a long - term investment at the beginning of the 2 0 2 4 fiscal year, Florists International purchased 2 5 % of Nursery
As a longterm investment at the beginning of the fiscal year, Florists International purchased of Nursery Supplies Incorporated's million shares for $ 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 $ million and distributed cash dividends of $ per share. At the end of the year, the fair value of the shares is $ million.Required:Prepare the appropriate journal entries from the purchase through the end of the year. Record the investor's share of net income.
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