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pls answer Question 3 of 14 - 75 E View Policies Current Attempt in Progress Fairbanks Corporation purchased 400 shares of Sherman Inc. common stock
pls answer Question 3 of 14 - 75 E View Policies Current Attempt in Progress Fairbanks Corporation purchased 400 shares of Sherman Inc. common stock for $13,200 (Fairbanks does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share At year-end, Sherman stock was selling for $3450 per share. Prepare Fairbanks's journal entries to record (a) the purchase of the investment, (b) the dividends received, and to the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account) (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 (a) (b) (c) e Textbook and Media Arrinte Question 4 of 14 -15 View Policies Current Attempt in Progress Fairbanks Corporation purchased 400 shares of Sherman Inc common stock for $13.200 (Fairbanks does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. Assume the stock is nonmarketable. Prepare Fairbanks' journal entries to record (a) the purchase of the investment, (b) the dividends received and (c) the tair value adjustment. (Assume a zero balance in the Fair Value Adjustment account. (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 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c) e Textbook and Media
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