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Question - Sheffield Corporation purchased 500 common shares of Sigma Inc. for trading purposes for $16,000 on September 8 and accounted for the investment under ASPE at FV-NI. In December, Sigma declared and paid a cash dividend of $1.78 per share. At year end, December 31, Sigma shares were selling for $35.60 per share. In late January, Sheffield sold the Sigma shares for $35.29 per share.
Required -
Prepare Sheffield Corporation's journal entry to record the purchase of the investment.
Prepare Sheffield Corporation's journal entry to record the dividends received.
Prepare Sheffield Corporation's journal entry to record the fair value adjustment at December 31.
Prepare Sheffield Corporation's journal entry to record the January sale of the investment.
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