Northern Corporation, the investment banking company, often has extra cash to invest. Suppose Northern buys 1,000 shares of Twister. Inc., stock at $46 per share. Assume Northern expects to hold the Twister stock for one month and then sell it. The purchase occurs on December 15, 2016. At December 31, the market price of a share of Twister stock is $69 per share. Requirements What type of investment is this to Northern? Give the reason for your answer. Record Northern's purchase of the Twister stock on December 15 and the adjustment to market value on December 31. Show how Northern would report this investment on its balance sheet at December 31 and any gain or loss on its income statement for the year ended December 31. 2016. Suppose Northern did not intend to treat the Twister stock as a trading security, but still intended to treat it as a short-term investment. How do your answers for parts 1-3 change? Follow Exhibit 5-2