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Calculator Roman Products, Inc., is a wholesaler of men's hair products. The company began operations on January 1, 2016. The following transactions relate to securities

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Calculator Roman Products, Inc., is a wholesaler of men's hair products. The company began operations on January 1, 2016. The following transactions relate to securities acquired by Roman Products, Inc., which has a fiscal year ending on December 31: 2016 Jan. 3 Purchased 6,100 shares of Whalen Inc. as an available-for-sale security at $36 per share, induding the brokerage commission. July 8 Received a cash dividend of $0.45 per share on the Whalen stock. Oct. 19 Sold 1,800 shares of Whalen Inc. stock at $40 per share, less a brokerage commission of $40. Dec. 12 A cash dividend of $0.45 per share was received on the Whalen stock, Whalen Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $34 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. Dec. 31 2017 Jan. 5 Purchased an influential interest in Tasmania Inc. for $630,000 by purchasing 45,500 shares directly from the estate of the founder of Tasmania Inc. There are 130,000 shares of Tasmania Inc. stock outstanding. July 9 Received a cash dividend of $0.55 per share on Whalen Inc. stock. Dec. 8 Received a cash dividend of $0.55 per share plus an extra dividend of $0.1 per share on Whalen Inc. stock. Received $19,000 of cash dividends on Tasmania Inc. stock. Tasmania Inc. reported net income of $78,000 in 2017, Roman Products uses the equity method of accounting for its investment in Tasmania Inc. whalen Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $40 per share. Use the valuation allowance for available for sale investments account in making the adjustment for the change in fair value from $34 to $40 per share. Required: Dec. 31 Dec. 31 1. Journalize the entries to record the preceding transactions. For a compound transaction, if an amount box does not require an entry, leave it blank Previous

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