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As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased...

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Accounting

As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 20% of Nursery Supplies Incorporated's 10 million shares for $70 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 $45 million and distributed cash dividends of $1.00 per share. At the end of the year, the fair value of the shares is $66 million.

Required: Prepare the appropriate journal entries from the purchase through the end of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).

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