Branson Today Publishers completed the following trading investment transactions during 2016 and 2017:

2016

Dec. 6 Purchased 3,000 shares of Loveable stock at a price of

$ 35.00 per share, intending to sell the investment next month.

23 Received a cash dividend of $1.90 per share on the

Loveable stock.

31 Adjusted the investment to its market value of $14.00 per share.

2017

Jan. 27 Sold the Loveable stock for $34.70 per share.

1. Journalize Branson Today's investment transactions. Explanations are not required.

2.On December 31, 2016, how would the Loveable stock be classified and at what value would it be reported on the balance sheet?

Dec. 6, 2016: Purchased 3,000 shares of Loveable stock at a price of$35.00 per share, intending to sell the investment next month.

Dec. 23, 2016: Received a cash dividend of $1.90 per share on the Loveable stock.

Dec. 31, 2016: Adjusted the investment to its market value of $14.00 per share.

Jan. 27, 2017: Sold the Loveable stock for $34.70 per share.

Requirement 2. On December 31, 2016, how would the Loveable stock be classified and at what value would it be reported on the balance sheet?

The Loveable stock would be classified as a __________ of $___ on the December 31,2016, balance sheet.