Buffalo Corporation purchased 380 shares of Sherman Inc. common stock for $12,900 (Buffalo does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman stock was selling for $37.50 per share.
Prepare Buffalo'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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Buffalo Corporation purchased 380 shares of Sherman Inc. common stock for $12,900 (Buffalo does not...
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