Entries for equity investment of between 20%-50% ownership Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, 20Y3. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31, 2013: 20Y3 Jan. 25 Purchased 75,000 shares of Helsi Co. common stock for $800,000. There are 250,000 shares of Helsi Co. stock outstanding. Dec. 31 Received $38,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $170,000 in 20Y3. Required: 1. Journalize the entries to record the preceding transactions. If an amount box does not require an entry, leave it blank. Date Description Debit Credit 20Y3 Jan. 25 800,000 Investment in Helsi Co. Stock Cash 800,000 Dec. 31-Dividends 38,000 Cash Investment in Helsi Co. Stock 38,000 Dec. 31-Income 170,000 x 0 Investment in Helsi Co. Stock Income of Helsi Co. 170,000 x 2. Should Glacier Product Inc.'s investment in Helsi Co. be reported at fair value on its financial statements for the year ending December 31, 20Y3? No