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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
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 purchase of the investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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