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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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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
