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Prepare Pina Colada journal entry to record the dividends

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Question - Pina Colada Corporation purchased 300 common shares of Burke Inc. for $23,190 and accounted for them using FV-OCI. During the year, Burke paid a cash dividend of $3.25 per share. At year end, Burke shares had a fair value of $74.50 per share.

Required -

1. Prepare Pina Colada's journal entry to record the purchase of the investment.

2. Prepare Pina Colada's journal entry to record the dividends received.

3. Prepare Pina Colada's journal entry to record the fair value adjustment.

Reference no: EM133068651

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