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Brief Exercise 17-05 Marin Corneration purchased 380 shares of Sherman Inc. common stock for $12,900 (Marin does not have significant influence). During the year, Show
Brief Exercise 17-05 Marin Corneration purchased 380 shares of Sherman Inc. common stock for $12,900 (Marin does not have significant influence). During the year, Show Table of Contents ash dividend of $3.25 per share. At year-end, Sherman stock was selling for $37.50 per share. Prepare Marin's 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.) (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) (b) (c) Click if you would like to Show Work for this question: Open Show Work
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