Question: View Policies Current Attempt in Progress Blossom Co . acquired 2 5 % of the 4 5 0 , 0 0 0 shares of outstanding

View Policies
Current Attempt in Progress
Blossom Co. acquired 25% of the 450,000 shares of outstanding common stock of Wildhorse Inc. on December 31,2025. The purchase price was $3,330,000. Wildhorse declared and paid $1.20 per share cash dividends on June 18,2026, and on November 29,2026. Wildhorse reported net income of $1,080,000 for 2026. The fair value of Wildhorse common stock was $28 per share at December 31,2026.
(a)
Prepare the journal entries for Blossom Co. for 2026, assuming that Blossom cannot exercise significant influence over Wildhorse. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
View Policies Current Attempt in Progress Blossom Co. acquired 25% of

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