Concord Corporation purchased410shares of Sherman Inc. common stock for $12,900 (Concord does not have significant influence). During the year, Sherman paid a cash dividend of $3.50per share. At year-end, Sherman stock was selling for $37.00 per share. Assume the stock is nonmarketable.

 Concord Corporation purchased410shares of Sherman Inc. common stock for $12,900 (Concord does not have significant influence). During the year, Sherman paid a cash dividend of $3.50per share. At year-end, Sherman stock was selling for $37.00 per share. Assume the stock is nonmarketable.
PrepareConcord's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment.