= Homework: Week Two Question TI, P'16-6 (Similar to) Part 1 of 11 N&G Potato Chip Company, a U.S. GAAP reporter, provides you with the following information regarding its investments in equity securities during the current year. (Click the icon to view the investment information.) Requirement Prepare all journal entries necessary to record N&G's investment transactions for the year. Show all computations. HW Score: 26.47%, 5.82 OT 22 points O Points: 0 of 1 Save More info January 1 (Beginning Balance: No entry required) January 23: N&G purchased 1,100 shares of Troy Company common stock for $151 per share. Troy Company is publicly traded. N&G does not have a Account January 23 January 23 February 4 March 23 June 30 October 15 December 31 December 31 N&G is currently holding 8,600 of Loyal Corporation common shares (publicly traded). The Loyal shares cost $23 per share. There is a debit balance of $34,400 in the fair value adjustment account. N&G does not have a significant influence over the investee. N&G purchased 1,100 shares of Troy Company common stock for $151 per share. Troy Company is publicly traded. N&G does not have a significant influence over the investee. N&G acquired 140,000 of the 400,000 outstanding shares of Drudge, Inc. for a total cost of $1,092,000. Loyal Corporation paid a $3.60 per share cash dividend. Drudge, Inc. reported $1,540,000 in net income for the year. Drudge also declared and paid a cash dividend of $2.50 per share. N&G purchased 320 bonds of the Cromer Ralph Group (CRG) at $900 par and intends to hold the debt investment to maturity. N&G accrued interest on the CRG bonds amounted to $36,000. The year-end market values of the Loyal Corporation and Troy shares are $30.80 and $190 per share, - X