Grouper Corporation purchased 460 shares of Nolan Inc. common stock for $14,100 (Grouper 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 $33.00 per share.

Prepare Grouper's journal entry to record 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 outomatically 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.)