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Required information The following information applies to the questions displayed below. As a longterm investment, Fair Company purchased of Midlin Company's shares for $ at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $ and distributed cash dividends of $ per share. At yearend, the fair value of the shares is $ Required: Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate. Note: If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field. Answer is complete but not entirely correct. 
Required information
The following information applies to the questions displayed below.
As a longterm investment, Fair Company purchased of Midlin Company's shares for $ at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $ and distributed cash dividends of $ per share. At yearend, the fair value of the shares is $
Required:
Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate.
Note: If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
Answer is complete but not entirely correct.
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