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Business, 12.03.2021 16:00 sbednarek

Sweet Corporation purchased 360 shares of Sherman Inc. common stock for $11,900 (Sweet 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 $37.50 per share. Prepare Sweet'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.)

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Sweet Corporation purchased 360 shares of Sherman Inc. common stock for $11,900 (Sweet does not have...
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