1. Fairbanks Corporation purchased 400 shares of Sherman Inc. common stock as an available-for sale investment for $13,200. During the year, Sherman paid a cash dividend of $3.25 per share. At yearend, Sherman stock was selling for $34.50 per share. Prepare Fairbanks's journal entries to record
(a) The purchase of the investment,
(b) The dividends received, and
(c) The fair value adjustment.