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As a long-term investment at the beginning of the fiscal year, lorists International purchased 25% of Nursery Supplies Inc's 18 million shares for $66 million.

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As a long-term investment at the beginning of the fiscal year, lorists International purchased 25% of Nursery Supplies Inc's 18 million shares for $66 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 $28 million and distributed cash dividends of $2.00 per share. At the end of the year, the fair value of the shares is $62 million Required: Prepare the appropriate journal entries from the purchase through the end of the year. (f no entry ls required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers In millons,(Le., 10,000,000 should be entered as 10)-) View transaction list Journal entry worksheet 2 3 Record the investment in Nursery Supplies shares. Note: Enter debits before credits General Journal Debit Event Credit Record entry Clear entry iewr general journal

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