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Prepare swifty journal entry to record the purchase

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Reference no: EM132601976

Swifty Corporation purchased 300 common shares of Burke Inc. for $23,340 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.

Question 1: Prepare Swifty's journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132601976

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