As a long-term investment at the beginning of the fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 20 million shares for $75 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 $60 million and distributed cash dividends of $1.80 per share. At the end of the year, the fair value of the shares is $71 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, (i.e., 10,000,000 should be entered as 10).)

PLEASE CHOOSE FROM THE LIST BELOW TO JOURVALIZE YOUR ENTRIES:

No journal entry required

Cash

Cash surrender value of life insurance

Discount on bond investment

Fair value adjustment

Gain on life insurance settlement

Gain on sale of investments

Income summary

Insurance expense

Investment in bonds

Investment in Nursery Supplies shares

Investment in U.S. treasury bills

Investment in U.S. treasury bonds

Investment revenue

Investment revenue receivable

Loss on sale of investments

Net unrealized holding gains and lossesI/S

Net unrealized holding gains and lossesOCI

Other-than-temporary impairment lossI/S

Other-than-temporary impairment lossOCI

Retained earnings

A. Record the investment in Nursery Supplies shares.

B. Record the investment revenue in Nursery Supplies shares

C. Record the cash dividends received from Nursery Supplies shares.

D. Record fair value adjustment at year-end.