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Prepare ryckman journal entries to record dividends received

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Question - Ryckman Incorporated purchased 500 common shares of Minerva Inc. for $62,000 and accounted for them using the fair value through other comprehensive income model. During the year, Minerva paid a cash dividend of $2.36 per share. At year end, Minerva shares had a fair value of $90.00 per share.

Required - Prepare Ryckman's journal entries to record:

1. The purchase of the investment.

2. The dividends received.

3. The fair value adjustment at the end of the year.

Reference no: EM132802293

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