Solution-Prepare fairbankss journal entries to record the

Prepare fairbankss journal entries to record the dividends

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Reference no: EM131796868

Fairbanks Corporation purchased 300 shares of Sherman Inc. common stock as an investment in trading securities for $9,900.

During the year, Sherman paid a cash dividend of $3.05 per share.

At year-end, Sherman stock was selling for $34.80 per share. Prepare Fairbanks's journal entries to record

(a) the purchase of the investment,

(b) the dividends received, and

Reference no: EM131796868

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Prepare fairbankss journal entries to record the dividends

Reference no: EM131796868

Reference no: EM131796868

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