At the end of 2015, Terry Corp. prepared the following schedule of investments in available for sale securities (common stock).

Morgan Company- Cost: 37,500, 12/31/2015 Fair value: 34,200, Cumulative Change in Fair Value (2800)

Nance Company- Cost: 42,000, 12/31/2015 Fair Value: 43,100, Cumulative Change in Fair Value (1,100)

Totals- 79,000, 77,300, (1,700)

During 2016 the following transactions occurred:

June 8- purchased oscar copmany common stock for 50,000

Oct. 11- Sold all of the Morgan company securites for 35,400

Dec. 31- Received dividends of 900 on the Nance Comp. and oscar comp. securities, and the following year-end total market values were available: nance comp common stock: 43,900; oscar comp common stock: 49,600.

Required:

1. Prepare journal entries

2. Show how the preceding items are reported on Terry's dec. 31, 2016 balance sheet. Assume all investments are noncurrent

3. If terry uses irfs, how would the accounting for investments be different from U.S. GAAP