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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.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers
in millions, ie should be entered as
Record the investment in Nursery Supplies shares.
Record the investor's share of net income.
Record the cash dividends received from Nursery
Supplies shares.
Record fair value adjustment at yearend.
Note : journal entry has been entered
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