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Culver Corporation purchased $300$ common shares of Burke Inc. for $$22,950$ and accounted for them using FV$-$OCI. During the year, Burke paid a cash dividend of $$3\mathrm{.}35$ per share. At year end, Burke shares had a fair value of $$72\mathrm{.}70$ per shiare.

Prepare Culver's journal entry to record the purchase of the investment. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Prepare Culver's journal entry to record the dividends received. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Prepare Culver's journal entry to record the fair value adjustment. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

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