Cost Balance Sheet Presentation of Available-for-Sale Investments During 2048, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security Shares Purchased Hawking Inc. $33,150 Pavlov Co. 2,030 46,690 Assume that as of December 31, 2018, the Hawking Inc. stock had a market value of $53 per share, and the Pavlov Co stock had a market value of $42 per share. Galileo Company had net income of $256,300 and paid no dividends for the year ended December 31, 2018. All of the available-for-sale investments are classified as current assets. 750 a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale k investments Galileo Company Balance Sheet (selected Current Asset items) December 31, 2048 Assets Current Assets: Available-for-Sale Investments, at Cost 79,840 45,170 Valuation Allowance for Available-for-Sale Investments Available-for-Sale Investments, at Fair Value 335,330 X b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized gain (loss) for the available-for-sale investments. Galileo Company Balance Sheet (selected Stockholders' Equity items) December 31, 2018 Stockholders' Equity Retained Earnings 256,300 Unrealized Gain (Loss) on Available-for-Sale Investments 45,170