3. As a long-term investment at the beginning of the 2024 fiscal year, Florists International...
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3. As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 30% of Nursery Supplies Inc.s 8 million shares for $56 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 $40 million and distributed cash dividends of $1.25 per share. Required: (9 points) Prepare the appropriate journal entries from the purchase through the end of the year
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