Sheffield Corporation purchased $450$ shares of Nolan Inc. common stock for $$15,000($Sheffield does not have significant influence$).$ During the year, Nolan paid a cash dividend of $$4\mathrm{.}10$ per share. At year$-$end, Nolan stock was selling for $$35\mathrm{.}40$ per share

$($a$)$

Your answer is correct.

Prepare Sheffield's journal entry to record the purchase of the investment. $($List all debit entries before credit entries. Credit account. titles ane outomatically indented when the 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.$)$

Account Titles and Explanation

Debit

Credit

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List of Accounts

Attempts: $1$ of $4$ used

$($b$)$

Prepare Sheffield's journal entry to record the dividends received. $($List all debit entries before credit entries. Credit account tities are outomatically indented when the amount is entered. Do not indent manually, If no entry is required, select $"$No Entry" for the account titles and enter O for the omounts.$)$

Account Titles and Explanation

Debit

Credit