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Prepare blossom journal entries to record dividends received

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Question - Blossom Corporation purchased 380 shares of Sherman Inc. common stock for $13,300 (Blossom 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 $37.00 per share.

Prepare Blossom' 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.)

Reference no: EM131894173

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