Problem 1- Short-term Investments (5 points) Nolan Company entered into the transactions listed below during 2013. Prepare the appropriate journal entries for Nolan Company. You may omit journal entry explanations but you should show computations. Jan. 10 Purchased 500 shares of Scott Company common stock for $35,000 as a short- term investment in equity securities. Apr. 6 ompany common stock for $45 per share as Purchased 1,000 shares of Jensen C a short-term investment in equity securities. Sold 400 shares of Jensen Company common stock for $20,400. Use the following information for year-end adjusting entries: Sept. 20 Dec. 31 Fair value per share: Scott Company Common Stock-$69 per share Jensen Company Common Stock-$42 per share. Nolan classifies both investments as trading securities. Problem - Il-Long-term Investments (5 points) Gerber Corporation purchased the following long-term investments in stock securities on Januar 013: 10,000 shares of the 100,000 outstanding common shares of Todd Corporation for $400,000. 3,000 shares of the 10,000 outstanding common shares of Carey Company for $135,000. 6,000 shares of the 50,000 outstanding common shares of Maris Company for $150,000 Other information: Per Share Fair Value Net Income Declared and Paid in 2013 $50,000 80,000 25,000 Todd Corporation Carey Company Maris Company $37 50 23 $ 90,000 200,000 50,000 Instructions Prepare the journal entries for Gerber Corporation to record the acquisition of the long-term stock investments, the receipt of dividends, and any other necessary entries at year end on December 31, 2013. Assume that Gerber Corporation's ownership interest in each company remained constant throughout the year