Question

common stock for $12,900 (Coronado does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. Assume the stock is nonmarketable.Prepare Coronado’s journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)

Answer 1

Answer:

Detailed solution is given below:

Answer 2

Journal entries are the entries that record the transaction of the company that depicts the inflow and outflow of the cash in the firm. The transactions that come in the firm are termed as the debit and which goes out is credit.

A journal entry is an act of reporting or tracking the progress of any monetary or quasi activity. An accounting journal method utilizes & displays a company's debit and credit amounts. Every recording in the journal entry can be either a deduction or addition.

The Journal entries have been attached below.

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