Gioia Company acquired some of the 65,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year:

Jan.	10			Purchased 17,875 shares of Tristezza common stock at $11 per share.
Dec.	31	a.		Received the current year financial statements of Tristezza Corporation that reported net income of $80,000.
		b.		Tristezza Corporation declared a cash dividend of $0.60 per share.
		c.		Tristezza Corporation paid the cash dividend declared in (b).
		d.		Determined the market price of Tristezza stock to be $10 per share.

Question

Show how the long-term investment and the related revenue should be reported on the current year's financial statements (balance sheet and income statement) of the Gioia Company.