Barry, Hank, and Babe form a company named Long Ball Investments, hoping to find that elusive home run stock. A new ciothing company by the name of Major League Apparel caught their eye. Major Leaque Apparel has two classes of stock authorized. Class A stock and Class B stock. Class A stock has voting rights but pays no dividends, while Class B stock offers guaranteed dividends of $150 per share but has no voting rights. Long Ball investments has the following transactions during the year None of the investments are large enough to exert a significant influence January 2 Purchase 1,500 shares of Major League Class A stock for 570 per share. Yebroary 14 Purchase 600 shares of Mafor League Class it stock for $12 per share. Hay is Sell 300 shares of Class A stock for $62 per share. Decenber 30 Recelve a cesh dividend on Class 8 stock of $1.50 per share. Oectaber 31 The fair values of Class A and Clase B shares are \$73 and 514 , respectively. Required: 1. Determine the financial statement effects of each of these investment transactions 2. Calculate the balance in the investments account as of December 31 Complete this question by entering your answers in the tabs below. Purchase 1500 shares of Major League Class A stock for $70 per share. Note: Amounts to be deducted should be indleated by a minus sign. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Stockholders' Equity } & Income Statement \\ \hline Common Stock. Retained Eamings & & Expenses \& Losses & & & \\ \hline \end{tabular} Req 1B