equirements 1. Identify what type of investment the Chestnut stock is for Russell. 2. Journalize the transactions related to Russell's investment in the Chestnut stock during 2024. 3. In what category and at what value would Russell's report the investment on the December 31, 2024, balance sheet? On January 1, 2024, Russell, Inc. decides to invest in 7,500 shares of Chestnut stock when the stock is selling for $13 per share. On May 1, 2024, Chestnut paid a $0.50 per share cash dividend to stockholders. On December 31, 2024, Chestnut reports net income of $110,000 for 2024. Assume Chestnut has 25,000 shares of voting stock outstanding during 2024 and Russell has significant influence over Chestnut. Read the requirements. Requirement 1. Identify what type of investment the Chestnut stock is for Russell Russell's investment would be investment. Requirement 2. Journalize the transactions related to Russell's investment in the Chestnut stock during 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) January 1: Russell, Inc. decides to invest in 7,500 shares of Chestnut stock when the stock is selling for $13 per share. Date lan 11 Accounts and Explanation Debit Credit On January 1, 2024, Russell, Inc. decides to invest in 7,500 shares of Chestnut stock when the stock is selling for $13 per share. On May 1, 2024, Chestnut paid a 50.50 per share cash dividend to stockholders. On December 31, 2024, Chestnut reports net income of $110,000 for 2024. Assume Chestnut has 25,000 shares of voting stock outstanding during 2024 and Russell has significant influence over Chestnut. Read the requirements. January 1: Russell, Inc. decides to invest in 7,500 shares of Chestnut stock when the stock is selling for $13 per share. Date Jan. 1 Accounts and Explanation May 1: Chestnut paid a $0.50 per share cash dividend to stockholders Debit Credit n January 1, 2024, Russell, Inc. decides to invest in 7,500 shares of Chestnut stock when the stock is selling for $13 per share. On May 1, 2024, Chestnut paid a 0.50 per share cash dividend to stockholders. On December 31, 2024, Chestnut reports net income of $110,000 for 2024. Assume Chestnut has 25,000 shares of oting stock outstanding during 2024 and Russell has significant influence over Chestnut Read the requirements. May 1: Chestnut paid a $0.50 per share cash dividend to stockholders Date: May 1 Accounts and Explanation: Debit Credit nestral pa On January 1, 2024, Russell, Inc. decides to invest in 7,500 shares of Chestnut stock when the stock is selling for $13 per share. Un May 1, $0.50 per share cash dividend to stockholders. On December 31, 2024, Chestnut reports net income of $110,000 for 2024. Assume Chestnut has 25,000 shares of voting stock outstanding during 2024 and Russell has significant influence over Chestnut Read the requirements es December 31: Chestnut reports net income of $110,000 for 2024 Date Dec. 31 Accounts and Explanation, Debit Credit Requirement 3. In what category and at what value would Russell's report the investment on the December 31, 2024, balance sheet? Russell would report a of on the December 31, 2024, balance sheet