Balance Sheet Presentation of Available for Sale Investments During Year 1, its first year of operations, Galileo Company purchased two available for sale investments as follows: Security Shares Purchased Cost Hawking Inc. 880 $45,936 Pavlov Co 2,380 64,736 Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of 562 per share and the Pavlov Co stock had a market value of 549 per share. Galileo Company had net income of $355,300 and paid no dividends for the year ending December 31, Year 1. All of the available for sale investments are classified as current assets. a. Prepare the Current Assets section of the balance sheet presentation for the available for sale investments. Galileo Company Balance Sheet (selected Items) December 31, Year 1 Assets Current Assets 380 b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized in (s) for the available for sale investments Galilee Company Balance Sheet (selected Stockholders' Equity items) December 31, Year 1 Stockholders' Equity Check My Won 2 Check My Works remaining Previous Next