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Buttalo Corporation purchased 390 shares of Sherman inc common stock for $12.000 (thuffalo does not...

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Accounting

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Buttalo Corporation purchased 390 shares of Sherman inc common stock for $12.000 (thuffalo does not have significant induence) During the year, Sherman paid a cash dividend of $300 per share. At year end, Sherman stock was selling for $34,00 per share Prepare Buffalo' Journal entries to recond (a) the punchase of the investenent, (b) the dividends received, and (c) the fair value adjustment, (Assume a zero balance in the Fair Value Adjustment account.) (tist all debit entries before credit entries. Creddit account titiea dre automatically indeated when amount is entered. Do not indent manually. II no entry is required, select "No Entry for the occount titiles and enter ofor the amounts)

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