Use the data from E-S-3 for this exercise. At year-end on December 31, 2018, the Sherman common stock that Flores holds has a market price of $88.13 per share. Assuming that Flores has no other investments, record the entry to adjust the Sherman common stock to fair value.

Data from E-S-3

Flores Company purchases 900 shares of Sherman Express common stock at the market price of $79.24 on March 23, 2018. (Flores’ investment in Sherman represents less than 5% of the outstanding stock of Sherman; Flores does not have significant influence over Sherman.) Flores intends to hold this investment for more than one year. On June 22, 2018, Flores receives a cash dividend of $0.31 per share of the Sherman stock. Record the entries to