Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, 2013. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31, 20Y3: 20Y3 Jan. 25 Purchased 40,000 shares of Helsi Co. common stock for $690,000. There are 100,000 shares of Helsi Co. stock outstanding. Dec. 31 Received $21,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $86,000 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 Cash Cash Dec. 31-Dividends Cash Dec. 31-Income Cash 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