Calculator Stock Investment Transactions, Equity Method and Available-for-Sale Securities 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, including 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. Dec. 31 Use the valuation allowance for available for sale investments account in making the adjustment 2017 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. 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. Dec. 31 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 Dec. 31 allowance for available for sale investments account in making the adjustment for the change in fair value from $34 to $40 ner chara Jan. 5 Dec. 8 2. Prepare the investment-related asset and stockholders' equity balance sheet presentation for Roman Products, Inc., on December 31, 2017, assuming the retained Earnings balance on December 31, 2017, is $460,000. Roman Products, Inc. Balance Sheet (selected items) December 31, 2017 Current Assets: