On March 9, 2020, Taxes Holding, a private company, purchased 13% of the 2,670,000 outstanding common shares issued by Kansas Holding at a price of $27.23 per share. This investment occurred as part of a business alliance agreement between the two companies. Taxes Holding is planning to hold on to the common shares of Kansas Holding for at least 10 years if not longer.

During 2020, the following activities occurred in regards to this investment 1) On June 20, 2020, Taxes Holding received a cash dividend from Kansas Holding for $1.40 per share. 2) On December 31, 2020, the year-end date of Taxes Holding, Kansas Holding shares of common shares were traded at $29.14 per share. Required Prepare journal entries to record the acquisition of Kansas Holdings common shares, receipt of cash dividends and year-end adjustments related to Kansas Holdings investment in Taxes Holdings books.

Date	Account Title and Explanation	Debit	Credit
Mar 9
	To record acquisition of common shares
Jun 20
	To record dividend received
Dec 31
	To record fair value adjustment to share