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Prepare Monty journal entries to record the purchase

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Question - Monty Corporation purchased 400 shares of Sherman Inc. common stock for $13,000 (Monty does not have significant influence). During the year, Sherman paid a cash dividend of $3.00 per share. At year-end, Sherman stock was selling for $37.50 per share.

Required - Prepare Monty's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.

Reference no: EM132676950

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