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Question 7: Reporting investments Available for Sale Securities During the current year, Galileo Company purchase be for sale for the first following securities were purchased Security Shares Purchased Cost Hawking Inc 990 545.700 Pavlov Co 1.510 There were no other anvestments purchases and no sales of investments during the years of December Hawling in stock had a market value of 50 per share, and the Pavlovce stock hamarkant value of 52 share. These available for sale investments are cases current .. Prepare the Current Assets section of the balance sheet prontation for alles wat betale investments GALLED COMPANY Balance Sheetselected hem Amets Current assets Available for sale investments (at cost Available for sale investments at fair value Galileo Company has 5,000 shares of $10 per common stock and $250,000 paid in capital in excesso para of December 31 of the previous year, the retained earnings balance was 5442.500 For the current year, Galileo Company had net income of $191,100 and paid no dividends b. Prepare the Stockholders' E section of Galileo Company's balance sheet for December 31 GALILEO COMPANY Balance Sheet (selected Stockholder's Equity items! December 11 Stockholders' Equity Common Stock Paid-in capital in excess of par Retained Earnings Unrealised gain (loss) on available for sale investments Total