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Bridgeport corporation purchased 410 shares of Nolan Inc. common stock for $13600 (Bridgeport does not have significant influence). During the year, Nolan paid a cash
Bridgeport corporation purchased 410 shares of Nolan Inc. common stock for $13600 (Bridgeport does not have significant influence). During the year, Nolan paid a cash dividend of $3.50 per share. At year-end, Nolan stock was selling for $35.00 per share. Prepare bridgeport's journal entry to record the fair value adjustment. (assume a zero balance in the fair value adjustment account)
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
5th edition
978-0077924379, 77924371, 978-0078025396, 78025397, 978-0077425654, 77425650, 978-0077667061
