Required information [The following information applies to the questions displayed below.] Company T had 38,000 outstanding shares of common stock, par value $12 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $24 per share. At the end of the current year, Company T reported the following: income, $56,000, and cash dividends declared during the year, $27,500. The fair value of Company T stock at the end of the current year was $21 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 3,800 shares of Company T were purchased. Assum the investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 13,300 shares of Company T were purchased. Assur the investment will be held long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P : 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statemen of Company P : Complete this question by entering your answers in the tabs below. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company P: Required information [The following information applies to the questions displayed below.] Company T had 38,000 outstanding shares of common stock, par value $12 per share. On January 1 of the current year, Company P purchased some of Company T's shares as a long-term investment at $24 per share. At the end of the current year, Company T reported the following: income, $56,000, and cash dividends declared during the year, $27,500. The fair value of Company T stock at the end of the current year was $21 per share. 2-a. Prepare the journal entries for Company P at the dates indicated assuming 3,800 shares of Company T were purchased. Assum he investment will be held long term. 2-b. Prepare the journal entries for Company P at the dates indicated assuming 13,300 shares of Company T were purchased. Assun he investment will be held long term. 3-a. Complete the following schedule to show the separate amounts that should be reported on the current year's balance sheet of Company C : 3-b. Complete the following schedule to show the separate amounts that should be reported on the current year's income statemen fompany P : Complete this question by entering your answers in the tabs below. Complete the following schedule to show the separate amounts that should be reported on the current year's income statement of Company P: Note: Amounts to be deducted should be indicated by a minus sign