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 68,000 shares of Helsi Co. common stock for $680,000. There are 170,000 shares of Helsi Co. stock outstanding. Dec. 31 Received $20,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $82,000 in 2073. Required: 1. Journalize the entries to record the preceding transactions. If an amount box does not require an entry, leave it blank. 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 2013 Jan. 25 Dec. 31-Dividends Dec. 31-Income 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, 20Y32