Green Back Investments completed the following long-term, available-for-sale investment transactions during 2016:

Adjusted the Sysky investment to its current market value of $49.

On August 4, 2017, Green Back Investments sold its investment in Sysky stock for $46 per share.

Requirements

1.

Journalize the entries for 2016. Explanations are not required.

2.

Journalize the sale that occurred in 2017. Explanations are not required.

3.

What account(s) and amount(s), if any, would be reported on Green Back's income statement for the year ended December 31, 2017?

Requirement 1. Journalize the entries for 2016.

Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.)

Jan. 14: Purchased 1,200shares of Sysky stock, paying $53 per share. The investment represents 3% ownership in Sysky's voting stock. Green Back intends to hold the investment for the indefinite future.

Date			Accounts	Debit	Credit
Jan. 14

Aug. 22: Received a cash dividend of $0.68 per share on the Sysky stock.

Date			Accounts	Debit	Credit
Aug. 22

Dec. 31: Adjusted the Sysky investment to its current market value of $49.

Date			Accounts	Debit	Credit
Dec. 31

Requirement 2. Journalize the sale that occurred in 2017.

Explanations are not required. (Record debitsfirst, then credits. Exclude explanations from journal entries.)

Date			Accounts	Debit	Credit
Aug. 4, 2017

Requirement 3. What account(s) and amount(s), if any, would be reported on Green Back's

income statement for the year ended December 31, 2017?

(Use parentheses or a minus sign for a loss.)

Green Back Investments
Income Statement (Partial)
For the Year Ended December 31, 2017
Other Revenues and (Expenses)