Acc423 Intermediate Accounting: BE17-6 Use the information from BE17-5 but assume the stock

Acc423 Intermediate Accounting

BE17-6
Use the information from BE17-5 but assume the stock was purchased as a trading security.
Prepare Fairbanks's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.
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