Fairbanks Corporation purchased 300 shares of Sherman Inc. common stock as an investment in trading securities for $9,900. During the year, Sherman paid a cash dividend of $3.05 per share. At year-end, Sherman stock was selling for $34.80 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.