Instructions a. Prepare journal entries to record the transactions. b. Post to the investment account. (Use a T-account.) c. Prepare the adjusting entry at December 31, 2021 to report the portfolio at fair value. d. Show the balance sheet presentation at December 31, 2021, for the investment-related accounts. P16.6A (LO 3) Financial Statement The following data, presented in alphabetical order, are taken from the records of Nieto Corporation. Accounts payable $ 260,000 Accounts receivable 140,000 Accumulated depreciation--buildings 180,000 Accumulated depreciation equipment 52,000 Allowance for doubtful accounts 6,000 Bonds payable (10%, due 2028) 500.000 Buildings 950,000 Cash 62,000 Common stock ($10 par value; 500,000 shares authorized 150,000 shares issued) 1,500,000 Dividends payable 80,000 Equipment 275,000 Goodwill 200,000 Income taxes payable 120,000 Inventory 170,000 Investment in Mara common stock (30% ownership), at equity 380,000 Investment in Sasse common stock, at fair value 300,000 Land 390,000 Notes payable (due 2021) 70,000 Paid-in capital in excess of par-common stock 130,000 Premium on bonds payable 40,000 Prepaid insurance 16,000 Retained carnings 125,000 Short-term investments, at fair value 180,000 The investment in Sasse common stock is considered to be a long-term security. Instructions Prepare a classified balance sheet at December 31, 2020