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Instructions 1. Journalize the entries to red 2. Prepare the investment-related current sl, Yar radng investments presented in the Financial Co. on December 31, Year 2 PR 15-3A Stock investment transactions, equity method and availabl securities 3 How are unrealized gains or available-for-sale oB tatements of Rios Financial Co.? Forte Inc produces and sells theater set designs and costum erations on January I, Year 1. The following transactions relate t Forte Inc, which has a fiscal year ending on December 31 Year 1 umes. to, securities acquired by The company began relate to securities acqu Excel security at $18 Jan. 22. Purchased 22,000 shares of Sankal Inc. as an available-for-sale se Mar. &. Received a cash dividend of $0.22 per share on Sankal Inc. stock Sept 8. A cash dividend of $0.25 per share was received on the Sankal stock. Oct. 17. Sold 3,000 shares of Sankal Inc. stock at $16 per share less a brokerage per share, including the brokerage commission. commission of $75 Dec. 31. Sankal Inc. is classified as an available-for-sale investment and is adjusted to a fair value of $25 per share. Use the valuation allowance for available-for-sale investments account in making the adjustment. Year 2 Jan. 10. Purchased an influential interest in Imboden Inc. for $720,000 by purchasing 96,000 shares directly from the estate of the founder of Imboden Inc. There are 300,000 shares of Imboden Inc. stock outstanding. Mar. 10. Received a cash dividend of $0.30 per share on Sankal Inc. stock. Sept 12. Receied a cash dividend of $0.25 per share plus an extra dividend of $0.05 per share on Sankal Inc. stock Dec.31. Received $57,600 of cash dividends on Imboden Inc. stock. Imboden Inc. reported net income of $450,000 in Year 2. Forte Inc. uses the equity method of accounting for its investment in Imboden Inc. 31. Sankal Inc. is dassified fair value of $22 per share. Use th investments account in making the adjustment for the decrease in from $25 to $22 per share. as an available-for-sale investment and is adjusted to a e valuation allowance for available-for-sale a fair value Nu Chapter 15 Investments and Fair Value Accounting 757 Instructions I. Journalize the entries to record these transactions. 2. Prepare the investment-related asset and stockholders' equity balance sheet presenta- tion for Forte Inc. on December 31, Year 2, assuming that the Retained Earnings bal- ance on December 31, Year 2, is $389,000