16-6. Debt Investment, Equity Investments, K&Z Potato Chip Company, a U.S. GAAP reporter, with the following information regarding its investments in equity securities during the current Date January 1 (Beginning Balance: No entry required) January 23 February 4 Description K&Z is currently holding 8,500 of Faithful Corporation common shares (publicly traded). The Faithful shares cost $20 per share. There is a debit balance of $17,000 in the fair value adjustment account. K&Z does not have a significant influence over the investee. K&Z purchased 1,700 shares of Lawrence Company common stock for $155 per share. Lawrence Company is publicly traded. K&Z does not have a significant influence over the investee. K&Z acquired 136,000 of the 340,000 outstanding shares of Zombie, Inc. for a total cost of $1,020,000. Faithful Corporation paid a $3.40 per share cash dividend. Zombie, Inc. reported $1,850,000 in net income for the year. Zombie also declared and paid a cash dividend of $2.55 per share. K&Z purchased 340 bonds of the Pierre Nardo Group (PNG) at $1,000 par and intends to hold the debt investment to maturity. K&Z accrued interest on the PNG bonds amounted to $42,500. The year-end market values of the Faithful Corporation and Lawrence shares are $30.60 and $170 per share, respectively. The PNG bonds were trading at $1,700 at the end of the current period, and Zombie was trading at $10 per share. March 23 June 30 October 15 December 31 December 31 Investments in Financial Assets Required Prepare all journal entries necessary to record K&Z's investment transactions for the year. Show all computations