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Create ryckman journal entries to record

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Reference no: EM132809099

Ryckman Incorporated purchased 400 common shares of Minerva Inc. for $35,000 and accounted for them using the fair value through other comprehensive income model. During the year, Minerva paid a cash dividend of $4.00 per share. At year end, Minerva shares had a fair value of $76.00 per share.

Problem 1: 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: EM132809099

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