Project Description:

fairbanks corporation purchased 300 shares of sherman inc. common stock as an available-for-sale investment for $9,960. during the year, sherman paid a cash dividend of $2.85 per share. at year-end, sherman stock was selling for $35.20 per share. prepare fairbanks's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.
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