below.) Felicia Company acquired 24,000 of the 60.000 shares of outstanding common stock of Nueces Corporation as a long- term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the year Jan. 10 Purchased 24,000 shares of Nueces common stock at $13 per share. Dec. 31 Nueces Corporation reported net income of $110,000 Dec.31 Nueces Corporation declared and paid a cash dividend of $0.20 per share Dec. 31 Determined the fair value of Nueces stock to be 512 per shares 3. Show how the long-term investment and the related revenue should be reported on the financial statements of Felicia Company FELICIA COMPANY Balance Sheet Long-term Investments Income Statement