Cullumber Corporation purchased 400 shares of Sherman Inc. common stock for $14,100 (Cullumber does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. Assume the stock is nonmarketable.

Prepare Cullumber’s journal entries to record

(a) the purchase of the investment,
(b) the dividends received, and
(c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)

Driving would be more pleasant if we didn't have to put up with the bad habits of other drivers. a newspaper reported the results of a valvoline oil company survey of 500 drivers in which the drivers marked their complaints about other drivers. the top complaints turned out to be tailgating, marked by 24% of the respondents; not using turn signals, marked by 19%; being cut off, marked by 15%; other drivers driving too slowly, marked by 12%; and other drivers being inconsiderate marked by 5%.