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Prepare Sheffield journal entry to record dividends received

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Question - Sheffield Corporation purchased 1,250 common shares of Nolan Inc. common stock for $15,000 (Sheffield does not have significant influence). During the year, Nolan paid a cash dividend of $4.10 per share. At year end, Nolan stock was selling for $35.40 per share.

Prepare Sheffield's journal entry to record the purchase of the investment.

Prepare Sheffield's journal entry to record the dividends received.

Prepare Sheffield's journal entry to record the fair value adjustment (Assume a zero balance in the Fair Value Adjustment account.).

Reference no: EM132251533

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