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Business, 06.05.2020 06:06 gm2

As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 24 million shares for $71 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 $80 million and distributed cash dividends of $0.50 per share. At the end of the year, the fair value of the shares is $67 million.

Required:
Prepare the appropriate journal entries from the purchase through the end of the year.

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As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased...
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