Question: I copied it from Wiley Pluss and pasted it. Please help me with it. Bramble Corporation purchased 1,500 common shares of Nolan Inc. common stock
I copied it from Wiley Pluss and pasted it. Please help me with it.
Bramble Corporation purchased 1,500 common shares of Nolan Inc. common stock for $15,500 (Bramble does not have significant influence). During the year, Nolan paid a cash dividend of $4.35 per share. At year end, Nolan stock was selling for $35.65 per share.
Prepare Bramble's journal entry to record the purchase of the investment.
Account Titles and Explanation Debit Credit
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Prepare Bramble's journal entry to record the dividends received.
Account Titles and Explanation Debit Credit
___________________________ ______ _______
___________________________ ______ _______
Prepare Bramble's journal entry to record the fair value adjustment (Assume a zero balance in the Fair Value Adjustment account.).
Account Titles and Explanation Debit Credit
___________________________ ______ _______
___________________________ ______ _______
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