9 points Save On January 1, Year3, Paper Products, Inc. (PPI) purchased 12,000 shares of stock in Reed's Restaurant Supply (Reeds) for $61 each ($732,000, total). Assume that any difference between the book value a fair value of Reeds at the purchase date was attributable to goodwill. PPI intends to hold the stock for several years. The 12,000 shares represents 10% ownership in Reeds. On 9/1/Year3 Reeds distributed a cash dividend of $2.00 per share. During Year3, Reeds Restaurant Supply eamed net income of $200,000 At the end of Year3, the fair market value of the Reeds stock is $70 per share. (This is the only investment for Paper Products Inc.) Record PPI's entries for Year3 with respect to the investment in Reeds. Choose from these account titles. (You may use them more than once or not at all) Just use the short version Cash Investment in Reeds FV adjustment (Fair value adjustment) Inv. rev. (Investment revenue) HoldingGL- OCI (Unrealized holding gain or loss-other comprehensive income) HoldingGL- NI (Unrealized holding gain or loss- net income) A, entry on 1/1 B. entry on 9/1 C. entry/entries on 12/31 Keep the entry format simple. No need to use tables just label each line as a DR or CR