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Current Attempt in Progress Fairbanks Corporation purchased 4 0 0 shares of Sherman Inc. common stock for $ 1 3 , 2 0 0 (
Current Attempt in Progress
Fairbanks Corporation purchased shares of Sherman Inc. common stock for $Fairbanks does not have significant
influence During the year, Sherman paid a cash dividend of $ per share. At yearend, Sherman stock was selling for $ per
share.
Prepare Fairbanks' journal entries to record a the purchase of the investment, b the dividends received, and c the fair value
adjustment. Assume a zero balance in the Fair Value Adjustment account.List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and
enter for the amounts.
No Account Titles and Explanation
Debit
Credit
a
b
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