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T Cinoabt started business during 2015. On December 31, 2015 at the end of its first fiscal year, it had the following marketable securities cost Market Value Per Share Total per share Total 100 shares of Benson Company common stock $ 33.25 $ 3,325 $ 31.15 $ 3,115 400 Shres of Rebel Inc. common stock $ 5.60 $ 2,240 $ 7.10 $ 2,840 During 2016, the following transactions took place 1. March 16; Sold 60 shares of Benson company stock for $35.70 per share less brokerage fees of $37 2. April 5; Benson Corp completed a 2 for 1 stock split on its common stock 3. May 15; Cash dividends of $0.50 per share were received on the Benson common stock. None of the other investments paid dividends 4. July 1; Purchased one hundred 9% term bonds of Smedley Company at a price of 94, plus accrued interest. Each bonds has a face value of $1,000 and matures 10 years from no payable April 1 and October 1 of each year. Smedley uses the straight line method for amortizing any premiums or discounts 5. October 1; received the semiannual interest on Smedley bonds 6. December 22; Purchased 500 shares of Devans Co. common stock at $45 per share, plus brokerage fees of $160 7. December 31; Recorded any accruals, amortizations, and fair value adjustments considered necessary At December 31, 2016, the market values of the investments were: Benson; $19.50 per share Rebel; $4.90 per share Devans; $46 per share Smedley; bonds 95 T. Company has the following intentions regarding its investments. Smedlet bonds will be held for their full ten year life. Benson and Rebel common stock are both ready for sale w year or the year after, and Devans common stock will be sold within two weeks in order to meet cash flow needs. None of the investments in stock constitute an ownership level o outstanding stock. Objectives: 1. Prepare journal entries to record all transactions for 2016. 2. Indicate the total effect on 2016 net income from these investment transactions (by how much did net income increase or decrease in 2016 because of these transactions) rom now. Interest is r sale when the price is right which may be tomorrow or next p level of more than 5% of the investors ns)