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Make ryckman journal entries to record dividends received

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Reference no: EM132807081

Ryckman Incorporated purchased 600 common shares of Minerva Inc. for $45,000 and accounted for them using the fair value through other comprehensive income model. During the year, Minerva paid a cash dividend of $4.50 per share. At year end, Minerva shares had a fair value of $64.50 per share.

Problem 1: Make 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: EM132807081

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