Equity Investments, Readily Determinable Fair Value. (14 points) Pugh Company purchased 1,800 shares of the Kramer Group common stock for $64,800 6.c. 536 per share) at the beginning of the current year. There were 36,000 outstanding Kramer shares on the date of acquisition. Kramer declared and paid $1.44 per share cash dividends at year end. Prepare the journal entry to record the purchase of the Kramer shares. Prepare the journal entries necessary to reflect Pugh's receipt of Krumer's dividends. Prepare the journal entry required to adjust Pugh's investment to its fair value of $54 per share at year-end. the beginning of the next year. Prepare the journal entry necessary to record the sale of 900 Kramer shares for 563 per share Prepare the journal entry required to adjust Pugh's investment in Kramer Group stock to its fair value of $60 per share at the end of the second year