As a long-term Investment at the beginning of the 2024 fiscal year, Florists International purchased 30% of Nursery Supplies Incorporated's 20 million shares for $60 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $70 million and distributed cash dividends of $2.00 per share. At the end of the year, the fair value of the shares is $56 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Enter your answers In millions, (l.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the investment in Nursery Supplies shares. Note: Enter debits before credits. Transactions 1 Record entry General Journal Clear entry Debit Credit View general journal
As a long-term Investment at the beginning of the 2024 fiscal year, Florists International purchased 30% of Nursery Supplies Incorporated's 20 million shares for $60 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $70 million and distributed cash dividends of $2.00 per share. At the end of the year, the fair value of the shares is $56 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Enter your answers In millions, (l.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet < 1 2 3 4 Record the investment in Nursery Supplies shares. Note: Enter debits before credits. Transactions 1 Record entry General Journal Clear entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:As a long-term Investment at the beginning of the 2024 fiscal year, Florists International purchased 30% of Nursery Supplies
Incorporated's 20 million shares for $60 million. The fair value and book value of the shares were the same at that time. During the
year, Nursery Supplies earned net Income of $70 million and distributed cash dividends of $2.00 per share. At the end of the year, the
fair value of the shares is $56 million.
Required:
Prepare the appropriate Journal entries from the purchase through the end of the year.
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Enter your answers
In millions, (I.e., 10,000,000 should be entered as 10).
View transaction list
Journal entry worksheet
< 1
2 3 4
Record the investment in Nursery Supplies shares.
Note: Enter debits before credits.
Transactions
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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