Pina Corporation purchased $420$ shares of Sherman Inc. common stock for $$13,700($Pina does not have significant influence$).$ During the year, Sherman paid a cash dividend of $$3\mathrm{.}50$ per share. At year$-$end, Sherman stock was selling for $$34\mathrm{.}50$ per share.

Prepare Pina' 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 $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$ Equity Investments

Cash

$($b$)$ Cash

Dividend Revenue

$($c$)$ No Entry

No Entry