Business, 19.05.2021 18:10 u8p4

As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 20% of Nursery Supplies Inc.'s 20 million shares for $69 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $40 million and distributed cash dividends of $1.50 per share. At the end of the year, the fair value of the shares is $65 million. Required:
Prepare the appropriate journal entries from the purchase through the end of the year.

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As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased...

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