Investments in Stock—Equity Method During 2009, Genco Corporation purchased 10,000 shares of Wiener Company stock for $85 per share. Wiener had a total of 40,000 shares of stock outstanding.

1. Prepare journal entries for the following transactions:

Jan. 1 Purchased 10,000 shares of common stock at $85.

Dec. 31 Wiener Company declared and paid a $4.60-per-share dividend.

31 Wiener Company reported net income for 2009 of $360,000.

2. On December 31, 2009, the market price of Wiener’s stock was $79 per share. Show how this investment would be reported on Genco’s balance sheet at December 31, 2009, assuming that this is the only stock investment owned by Genco.