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Bridgeport Corporation purchased 300 common shares of Burke Inc. for $22,890 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend
Bridgeport Corporation purchased 300 common shares of Burke Inc. for $22,890 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend of $3.15 per share. At year end, Burke shares had a fair value of $72.80 per share. (a) Prepare Bridgeport's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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