As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 25% of Nursery Supplies Incorporated's 8 million shares for $62 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 $48 million and distributed cash dividends of $2.50 per share. At the end of the year, the fair value of the shares is $58 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 answer in millione (in 10.000.000 should be entered as 101.
As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 25% of Nursery Supplies Incorporated's 8 million shares for $62 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 $48 million and distributed cash dividends of $2.50 per share. At the end of the year, the fair value of the shares is $58 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 answer in millione (in 10.000.000 should be entered as 101.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject - account
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Transcribed Image Text:As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 25% of Nursery Supplies
Incorporated's 8 million shares for $62 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 $48 million and distributed cash dividends of $2.50 per share. At the end of the year, the fair
value of the shares is $58 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 answer
in millione (in 10.000.000 should be entered as 101.
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