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Sheridan James Inc. acquired 20% of the outstanding common stock of Theresa Blossom Inc. on...

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Accounting

Sheridan James Inc. acquired 20% of the outstanding common stock of Theresa Blossom Inc. on December 31,2025. The purchase
price was $1,212,000 for 50,500 shares. Blossom Inc. declared and paid an $0.75 pershare cash dividend on June 30 and on
December 31,2026. Blossom reported net income of $730,000 for 2026. The fair value of Blossom's stock was $27 per share at
December 31,2026. Assume that the security is a trading security.
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