OBJ. 2 PR 15-20 Entries for equity Investment of between 20%-50% ownership Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on Januaryti, 2083. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31, 2013: Jan. 25. Purchased 75,000 shares of Helsi Co. common stock for $800,000. There are 250,000 shares of Helsi Co. stock outstanding. Dec. 31. Received $38,000 of cash dividends on Helsi Co, stock. Helsi Co, reported net income of $170,000 in 20Y3. Instructions 1. Journalize the entries to record the preceding transactions. 2. Should Glacier Product Inc.'s investment in Helsi Co. be reported at fair value on its financial statements for the year ending December 31, 20Y3