Exercise: Calculating B/S Amounts Pascal Corporation is preparing its 12/31/Year 6 balance sheet. Calculate the amounts that should be presented in the assets section of the company's balance sheet and indicate the type of asset. 1. During the year, Pascal purchased the stock of Babybel Company for $20,000 (less than 20% ownership). The stock is worth $18,000 at year-end according to the quoted market price. Management intends to hold the investment for several years. 2. On October 15. Year 6, a two-year insurance policy was purchased for $16,000. The policy is effective November 1. Year 6