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Problem 3: On January 1, 2016, Smith Inc. decides to invest $10,000 shares of Cohen stock when the stock is selling for $15 per share. On September 1, 2016 Cohen paid a $0.50 per share cash dividend to stockholders. On December 31, 2016 Cohen reports net income of $25,000 for 2016. Assume Cohen has 40,000 shares of voting stock outstanding during 2016 and Smith has significant influence over Cohen. INSTRUCTIONS: a) Identify what type of investment the Cohen stock is for Smith Ind. b) Journalize the transactions related to Smith investment in the Cohen stock during 2016. c) In what category and at what value would Smith's report the investment on the December 31, 2016 balance sheet