P16-2B The beginning balance sheet of TalkNET On-line Incorporated included the following: Long-Term Equity-Method Investments............ $344,000 During the year, the company completed the following investment transactions: Mar. 2 5 Apr. 21 May 17 Oct. 8 17 Dec. 31 31 Purchased 2,000 shares of DLV Inc., common stock as a long-term available-for- sale investment, paying 512.25 per share. Purchased new long-term equity-method investment at cost of $540,000. Received cash dividend of $0.75 per share on the DLV investment. Received cash dividend of $47.000 from the equity-method investment. Purchased long-term available-for-sale investment in Blinn Corp. stock for $136.000. Received cash dividend of $49,000 from the equity-method investment. Received annual reports from the equity-method investee companies. Their total net income for the year was $550.000. Of this amount. TalkNET On-line's pro- portion is 33%. Adjusted the available-for-sale investments to market value. The market values of TalkNET On-line's investments are DLV. $26.800; Blinn. $134,400. Required 1. Record the transactions in the journal of TalkNET On-line Incorporated. 2. Post entries to the Long-Term Equity-Method Investments T-account, and determine its balance at December 31. Do likewise for the Long-Term Available-for-Sale Investments T-account and the Allowance to Adjust Investments to Market T-account. 3. Show how to report the Long-Term Available-for-Sale Investments and the Long- Term Equity-Method Investments accounts on TalkNET On-line's balance sheet at De- cember 31.