Swifty Corporation purchased $460$ shares of Nolan Inc. common stock for $$15,100($Swifty does not have significant influence$).$ During the year, Nolan paid a cash dividend of $$4\mathrm{.}25$ per share. At year$-$end, Nolan stock was selling for $$35\mathrm{.}50$ per share.

$($a$)$

Your answer is correct.

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

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Attempts: $2$ of $4$ used

$($b$)$

Prepare Swifty's journal entry to record the dividends received. $($List all debit entries before credit entries. Credit account titles are automatically indented when the 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.$)$

Account Titles and Explanation

Debit

Credit