1) In its first year of operations, DeMarco Company had the following selected transactions in stock investments that are considered trading securities. June 1 Purchased for cash 600 shares of Sanburg common stock at $24 per share (owns less than 20 % of voting shares) . July 1 Purchased for cash 800 shares of Cey Corporation common stock at $33 per share (30 % ownership). Sept. 1 Received a $1 per share cash dividend from Cey Corporation. Nov. 1 Sold 200 shares of Sanburg common stock for cash at $27 per share. Dec. 15 Received a $0.50 per share cash dividend on Sanburg common stock. At December 31, the fair values per share were Sanburg $25 and Cey $30. Requirements (a) Journalize the transactions. (b) Prepare the adjusting entry at December 31 to report the securities at fair value. (c) If DeMarco Company earned $ 33,000 of Revenue and total expenses were $ 17,500. How investment operations affect the Income Statement of the company?