Emmitt, Walter, and Barry form a company named Long Run Investments, with the intention of investing in stocks with great long-run potential. A clothing company named National League Gear looks like a great investment prospect. National League Gear has two classes of stock authorized: 6%, $30 par preferred and $5 par value common. Long Run Investments has the following transactions during the year. None of the investments are large enough to exert a significant influence. Assume that the securities are available-for-sale securities.

February 2		Purchases 1,500 shares of National League Gears common stock for $32 per share.
February 4		Purchases 600 shares of National League Gears preferred stock for $29 per share.
July 15		Sells 400 shares of National League Gears common stock for $37 per share.
November 30		Receives a cash dividend on National League Gears common stock of $1.10 per share and preferred stock of $1.10 per share.
December 31		The fair value of the common and preferred shares equal $28 and $27, respectively.

1) Record each of these investment transactions. (Hint: Preferred stock transactions are recorded like common stock transactions, but preferred stock has no voting rights and therefore ownership provides no influence.)

2.	Calculate the balance in the Investments account as of December 31.