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Prepare Sarasota journal entry to record the dividends

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Reference no: EM133129367

Question - Sarasota Corporation purchased 300 common shares of Burke Inc. for $23,280 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 Sarasota's journal entry to record the purchase of the investment.

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

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

Reference no: EM133129367

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