eBook Calculator Print Item Balance Sheet Presentation of Avallable-for-Sale Investments During Year 1, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Shares Purchased Cost Security Hawking Inc. 1,010 $60,499 85,488 Pavlov Co. 2,740 Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $71 per share and the Pavlov Co stock had a market value of $56 per share Galileo Company had net income of $468,600 and paid no dividends for the year ending December 31, Year 1. All of the available-for-sale investments are classified as current assets. a. Prepare the Current Assets section of the balance sheet presentation for the available-for-sale investments. Galileo Company Balance Sheet (selected items) December 31, Year 1 Assets Current Assets b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earnings and unrealized gain (los) for the available for sale investments. Galileo Company Balance Sheet (selected Stockholders' Equity items) December 31, Year 1 Stockholders Equity Check My Work 2 more Check My Work uses remaining Previous Next > HOS eBook E Calculator Print Item Security MurcitHuu COST Hawking Inc. 1,010 $60,499 Pavlov Co. 2,740 85,488 Assume that as of December 31, Year 1, the Hawking Inc. stock had a market value of $71 per share and the Pavlov Co. stock had a market value of $56 per share. Galileo Company had net income of $468,600 and pald no dividends for the year ending December 31, Year 1. All of the available-for-sale investments are classified as current assets. a. Prepare the Current Assets section of the balance sheet presentation for the avallable-for-sale Investments. Galileo Company Balance Sheet (selected Items) December 31, Year 1 Assets Current Assets: b. Prepare the Stockholders' Equity section of the balance sheet to reflect the earings and unrealized gain (loss) for the available-for-sale investments. Galileo Company Balance Sheet (selected Stockholders' Equity items) December 31, Year 1 Stockholders' Equity