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Prepare all necessary journal entries made by Florists

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Question - At January 1, 2009, Florists International purchased 30% of Nursery Supply Company's 8 million outstanding shares for $56 million. During 2009, Nursery Supply Company reported a net income of $40 million and paid dividends of $1.25 per share. At December 31, 2009, the fair value of the Nursery Supply shares was $6.50 per share. Prepare all necessary journal entries made by Florists International to account for its investment in Nursery Supply Company.

Reference no: EM133107764

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