Kingbird Corporation purchased $360$ shares of Sherman Inc common stock for $$11,800($Kingbird does not have significant influence$).$ During the year, Sherman paid a cash dividend of $$3\mathrm{.}25$ per share. At year$-$end, Sherman stock was selling for $$34\mathrm{.}50$ per share.

Prepare Kingbird" 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 $O$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

Equity Investments

$($b$)$

Dividend Revenue

$($c$)$

Fair Value Adjustment

Unrealized Holding Gain or Loss $-$ Equi